It this college debt forgiveness plan, coming 11 weeks before the mid terms an obvious political bribe?

The New York Times quoted Representative Tony Cárdenas, a California Democrat, who met with the White House to advocate debt cancellation, said even the limited relief could be the galvanizing factor Mr. Biden’s party needs before the midterms in November. There it is, as if anyone would think it was not timed for that purpose. So, lets do the math. 40,000 people will be affected. Lets say half those would vote for Biden or a Democrat surrogate anyway, leaving 20,000 others who received the bribe to wonder if they should vote for they guy who gave them the money. A significant potential during the midterms and in 2024. Good politics you might say. Politicians bribe their constituents like this all the time you might say. Sympathetic leadership you might say. But, what about those who have already paid off their student loans. Will they still vote for Biden? Poor financial management you might say. Poor economic leadership you might say. Poor precedent you might say. Poor statement for those who did the right thing and paid off their loans. Poor example for financial decision making for a culture in collapse you might say. Separate from specific debate on the issue and whichever you side with, a simple and direct political bribe is poor leadership. A constant with Joe Biden.

Wasn’t it only last week that Democrats were touting something called the Inflation Reduction Act? So much for that. Student Loan Forgiveness Is an Inflation Expansion Act.

Following more than a year of internal debate, the president will announce later Wednesday that he will cancel $10,000 in federal student loan debt for borrowers making under $125,000 a year or couples making less than $250,000 a year, according to the White House. In addition, those who receive federal Pell Grants and make less than $125,000 a year would be eligible for total forgiveness of $20,000, the White House said. Independent estimates suggest the plan will cost more than $300 billion over 10 years. While debt forgiveness is often treated as income for tax purposes, the canceled student debt will be exempt, like some other federal student debt forgiveness programs.

A plan to forgive around $10,000 of student debt for borrowers who make under $125,000 a year or around double that for married couples would include most of the 40 million people with student debt. The action could render up to 15 million borrowers whose balances are under $10,000 free of student debt.

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