The signature mark of the socialist plan behind Joe Biden’s Build Back Better routine is the cancellation of all student loans in America. The pandemic gave the old man the cover he needed to start down the path of interfering with legally binding financial agreements. The help he gave people was to freeze all payments for some time.
But now that the pandemic is virtually over, there is no need to extend the help. But Biden has done the unthinkable and extended the freeze until May 1, 2022. The president continues to do things that would typically be criminal.
Student loans are based on several things dictated in a signed contract. That agreement guarantees that the loan will be repaid. But Joe Biden thinks he has the power to break and meddle with those contracts anytime he wants. Forty-one million Americans have agreed to pay back the $1.7 trillion they borrowed to go to school. And for Joe Biden to come in and change that agreement is illegal.
Biden stated that people need breathing room financially. He fails to understand that the only reason they needed the help was that the Democrats panicked and locked everyone down in the homes to the point that they lost their jobs and no longer had an income to pay their bills.
RedState reported that “the 41 million Americans who are on the hook for $1.7 trillion in student loan debt entered into those contracts willingly. A signed contract is a legal obligation to pay back the money the person borrowed. Failure to pay back the money can result in legal action against the person. As such, every single one of the 41 million Americans who owe student loan repayments is contractually obligated to repay the amount they borrowed, pandemic or not.”
But Biden’s socialism ignores the law and thinks it can throw out the legality of such loans. And if that was not enough to convict Joe Biden in a court of law, he has also meddled with contracts between renters and landlords. Landlords have to pay the mortgage on the property that the renters live. Biden may think he helped the renter, but he hurt them because the owner could not pay the property payments.
Socialism demands that there is no law or enforcement of said law. And once that is removed, legal matters such as contracts are no longer viable under socialism. A person might as well borrow all the money they want because there’s no way anyone can collect it from them with enforcement of the law.
The Biden team thinks they can do whatever they want and when they want to do it. Chuck Schumer, Elizabeth Warren, and Ayanna Pressley have already demanded that Biden use his executive powers to cancel student loans for people. The problem with such power is that it is an abuse of executive authority, and it completely sidesteps the legislative process. In effect, it nullifies the founding documents that dictate the type of government America is based on.
The three socialists, along with crazy Biden, believe that the cancellation of the debt will close the gap between the poor and the rich. And they claim it will push the economy forward. But once again, their statements are based on wishful thinking. The payments for student loans are so small that it will not make a bit of difference in the grand scheme of things.
Biden’s plan to suspend payments is just a glimpse of what the liberals want to do. Eventually, they will want to cancel those loans, and there is nothing to stop them from trying to cancel all the other debt that people have racked up, given their charging habits.
The federal government loaned these funds to people who signed a contract to repay. They cannot just interfere with the people’s agreement with financial institutions. In the end, the lenders will be hurt because the money they loaned out is gone. It will pave the way for a financial collapse that Biden has yet to see due to his ignorant actions.