ROGER SIMON: Biden’s Student Loan Forgiveness Among the Greatest Partisan Rip-Offs of All Time.
Remember 1773’s Boston Tea Party and “taxation without representation” that led to the American Revolution and our ultimate separation from Britain?
I imagine you do, but perhaps not if you are one of our younger readers and all you were being taught in one of our woke schools that skin color and gender identity were far more important than reading, writing, and arithmetic.
Nevertheless, Joe Biden—quite possibly, even likely, illegally and certainly as the most obvious kind of vote grubbing—has gone one (or multiple times) up on King George in the “taxation without representation” department with his student loan forgiveness, partial though it may be.
Consider this: The gullible poor slob (aka good citizen), whether parent or graduate, who has been paying or has fully paid his/her student loan is being asked to pay for someone else’s, once again through taxes, even though the recipient of this largesse may be less needy than the benighted taxpayer.
He or she is paying twice, rather like the estate tax but worse because it taking the money of yet more people that can ill afford it.
How much will this loan forgiveness cost all of us taxpayers? Estimates vary, of course. The other day Penn Wharton put it at $300 billion after 10 years. That translates to $2,000 per taxpayer, according to the National Review.
But those are not the most recent figures. Fox Business on Aug. 25 is estimating between $440 and $600 billion over the same time frame. Something called the Committee for a Responsible Budget has now put it at $500 billion.
In most of our experiences, these estimates tend to go up, often also in multiples, so no one knows what it will actually cost, but we can be sure it’s a stupendous amount.
Driving home from my early morning stint on the Tennessee Star Report today, I heard Glenn Beck—who immediately follows on the same station to his national audience—mention ever more disturbing numbers, comparing the expenditure to the annual cost of the U.S. Military and to the gross national product of over a hundred countries.
No wonder: Democrats in tough races distance themselves from Biden’s student loans decision.