After Biden’s decision to go through with his student loan forgiveness plan, which would cost taxpayers millions of dollars, the US Appeals Court decided to put an end to his “progressive” measures in this economic crisis.
At a time when there are dozens of other, more pressing matters to allocate resources to, the last thing we need is to forgive the student loan debt of a bunch of liberal arts majors who failed to procure the employment necessary to pay it off themselves.
Biden’s loan forgiveness plan flops as Appeals Court blocks it
The blockade on the plan will remain in effect until the court decides on a long-term injunction, effectively setting back Biden’s horrendously ineffective plan by at least a couple of months.
BREAKING REPORT: Federal appeals court PUTS A HAULT to Biden's student loan forgiveness program to consider request from states to block the plan…
— Chuck Callesto (@ChuckCallesto) October 22, 2022
The decision came only a day after a Republican-led lawsuit against the loan forgiveness plan was dismissed by a judge, allowing Biden’s program to be blocked for an indefinite amount of time or until they’ve settled on a long-term ruling.
Additionally, an expedited briefing on the subject matter was ordered by the St. Louis court, as any extra info on the plan’s layout and projected effectiveness will help the court settle on a decision.
The lawsuit turned down a day earlier was praised by District Judge Henry Autrey, for the challenges it raised concerning the debt relief plan; although that did little to support the cause, as he ultimately ended up dismissing it on account of lack of necessary legal standing.
Way to go Joe. Now that a federal court has haulted your student loan debt forgiveness scheme, you've managed to piss off BOTH those who paid off their own debt AND those who realize you were just fishing for their vote.
— Cari Kelemen 2.0 (@CariKelemen) October 22, 2022
It’s sending our economy down the drain
What this means is Biden’s economically irresponsible plan will be delayed for a certain amount of time, allowing Republican lawmakers and officials to challenge it before it sends our already crumbling economy spiraling down.
There are also the implications this idea carries, as those who actually paid off their debt on time have practically lost money in doing so; whereas those who chose to slack off all throughout college are rewarded for it.
This was also expressed by a large number of millennials and baby boomers on social media. They felt their hard work being undervalued with this “participation trophy” of sorts, most notably among those with a higher education who cleared their debt by their 5th year of employment.
OK a little perspective is in order. 8th circuit did put student loan forgiveness program on hold but only for a few days while the parties get their arguments on the merits in. So gov has until Monday and states until Tuesday to reply. Then court will rule on whether to enjoin.
— Harry Litman (@harrylitman) October 21, 2022
Unfortunately, Democrats won’t stop here. As we’ve seen before, they’re willing to die on this hill, even if it means bringing down the entire economy with them.
If that wasn’t enough, the relief program was only available to a very specific group of students, alienating those who would actually need the help of the relief program in order to get back on their feet.
It’s no secret student loan debt is a major issue in the US, but it’s mostly due to banks’ toxic practices when it comes to lending money to these gullible young men and women, as well as their own inability to take on such a great responsibility in due time.