So, Biden is set to forgive student loan debt.

So first my cynical comment.  This is likely unconstitutional; it will definitely go to court and not be actually implemented for quite some time.  However, the accompanying student loan payment freeze, implemented during covid now extended to December 31, will make it seem like it come the November elections.  This is an attempt to buy votes at its most naked.  Biden has announced a policy he knows cannot stand simply for the sake of trying to shift the electorate.  In the end he will not actually have done anything for anybody.  If I had any student loan debt, I’d be insulted by this attempt to pull a fast one on me.  This may yet backfire.

But my lack of student debt, ever in my lifetime, brings me to the reason I am really ticked off about this.  My father lost his job in the middle of my college education and thus could not keep his promise to pay for said education.  The school had nothing but student loans to offer me and so my senior year, while taking 21 and 24 hours those two semesters, I worked four part time jobs to pay the bills.  Let me repeat that – four part time jobs, while taking above average loads – 18 hours was generally a top load.  Then we come to graduate school wherein I worked full time so that my employer would pay for that education – fulltime.

And now, all that effort, all that blood, sweat, and tears is for naught.  I could have taken the loans and just begged the government to forgive them.

So, Biden is not fooling me, but I am insulted – deeply.

Biden is with this move spitting in the eye of far more Americans than he is “helping.”  Every American that paid for their college education, with or without loans, has been spat upon.  Every American that did not go to college has been spat upon.  Every American that scrimped and saved, missed vacation and ate Ramen so their kids could go to college has been spat upon.  Every American that is currently paying for their child’s education, and now has to pay for some other soul’s child’s education has been spat upon.  And this is just the direct stuff.

Because this move is also inflationary – Biden is just making money up here – matters generally in the country are going to get much worse.  Been to the grocery store lately?  And spare me the talk of how the price at the pump has gone down.  To paraphrase a former NYC mayoral candidate, “Gas is too d&^% high!”  And so, every American is being spat upon.

Forget backfire – this may prove to be the worst political miscalculation in history.

ADDENDUM: Old friend of the show, Emmett-Of-The-Unblinking-Eye reminded me yesterday that loan forgiveness is a taxable event.  That is to say it converts the money loaned into income.  He then asked the question if the government was going to issue all these people 1099’s?  And how happy they would be about their loan forgiveness once they had to cough up some cash when they filed their returns?