After teasing such an announcement to his entire administration and implementing years of a payment freeze, President Joe Biden on Wednesday announced the waiver of student loans worth $10,000 for millions of borrowers and $20,000 for Pell beneficiaries. Grant.
The message: Fear not, your politicians are doing stuffand as such, you should vote for them.
Whether it’s the Inflation Reduction Act or the phone and executive pen cancellation of student loans, the Biden administration is full of action. And action, in the language of the Beltway and its media, is the stuff of momentum and returns! Airman Joe is back in his game! Dark Brandon is thwarting his opponents on a bike ride in Rehoboth Beach!
I’m pro-Second Amendment. But if liberals want to get rid of it, here’s what they would have to do.
But is this true? In the BBC satirical series dear prime ministerthe writers deftly skewer the “fallacy of the politician”, or as you may know – the operating philosophy of everyone in Washington.
“Something must be done.”
“This is something.”
“We must do this!”
But do voters operate under the same logical fallacy? Not always, thank God.
In fact, “doing something” is just one metric among many that voters consider. When you think of things outside the rubric of “doing”, the picture is much less clear in conventional wisdom – which holds that all action is good deed, and only inaction is bad.
Before we get to student loan forgiveness – whose budget bounty has just come out of the mint presses – let’s consider the Inflation Reduction Act, the most recent action on which we have subsequent research.
The ridiculous name of the Inflation Reduction Act (IRA) was taken at face value by most media coverage during the period leading up to the bill’s passage, and it was passed in Congress before the Congressional Budget Office had the chance to give a score. It boasted a dubious deficit reduction of $305 billion while doubling the size of the IRS in 10 years, offering subsidies for expensive electric cars to people struggling with the highest inflation in 40 years, and, according to the Joint Committee on Taxation, raised taxes on many income levels below the promised limit of $400,000.
After it became law, the Democrats who approved and the media that covered it basically conceded that it had little to do with reducing inflation, and more to do with rebuilding the American economy in the style of the failed Biden Build Back Better plan. The difference between the two is that the IRA has been reduced just enough to pass Senator Joe Manchin.
But despite the “But there’s more!” after the initial rationale for the bill was dissolved, the American people still soured on it.
A recent Economist/YouGov poll found that only 13 percent of American voters thought that the Inflation Reduction Act would actually lower inflation, while 42% believed it would do the opposite. Transformative and historic is not what it used to be.
NBC News asked voters if the Inflation Reduction Act made a difference in their lives. If you combine those who thought it wouldn’t make a difference (36%) or make their situation worse (35%), you’ll get over 70% of Americans who think this Aviator Joe action isn’t great, compared to 26% who say that will make them better.
Now, let’s do student loan forgiveness. How is this action?
It looks like a bribe, coming as it does 10 weeks before a midterm election, and aimed at college-educated voters who are the Democratic base. Eliminates every penny (and probably more) of deficit reduction that the Inflation Reduction Law should deliver. It benefits a relatively small and wealthy group of voters. A minority of Americans have college degrees, are better paid and are less frequently unemployed than their countrymen, and this pardon benefit is available to couples who earn up to $250,000 in annual income.
It takes the voluntarily acquired debt of a few and makes it a liability to those who have not assumed it, while offering nothing in mortgage relief, car loan relief, credit card debt relief, or small business loan relief. It sucks at everyone who has recently paid off their college loans or decided not to acquire them in the first place.
In response to a question about this element of injustice, Biden offered this: “Is it unfair to people who don’t actually own multibillion businesses? You see how these guys give all of them a tax break. Is that fair? What do you think?”
Honestly, I don’t know what that means, but here it is if you want his opinion.
Teacher unions are the reason more parents want school choice
It also does nothing to solve the real problem of rising education costs (whether it’s paying off student debt in bankruptcy or lowering interest rates or ensuring colleges have skin in the game), and quite possibly makes them worse by subsidizing even more. plus the swelling while protecting the faculties from the costs.
It’s also legally dubious, but I assure you that voters don’t give a damn about that part, even if I do.
A recent CNBC poll found that 59 percent fear this particular action will cause more inflation, perhaps because many actions that the government insisted would not exacerbate inflation — did. A June NPR poll showed majority (55%) support for $10,000 in debt relief, but more than 80% say “the government’s priority should be to make college more affordable for current and future students” over debt relief.
It is too early to say whether this action will give the Biden administration the boost expected by much of Rodoanel, a disproportionate number of whom are eligible for this benefit. But recent lessons from the Inflation Reduction Act suggest that there is such a thing as getting things wrong.
Read more at The Daily Beast.
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