Here’s How Much Student Loan Debt Biden Is Declaring Null

Student Loan forgiveness is a contentious topic in America.

Joe Biden recently announced that his administration is forgiving a whopping $1.2 billion in student debt, despite an earlier Supreme Court ruling declaring unilateral student loan forgiveness unconstitutional.

In principle, I agree with the traditional conservative/libertarian position: pay back the loans you took out.

In practice and good conscience, I almost certainly cannot tell people to pay back the loans in this case. The reason is simple: the entire monetary system is fraudulent.

Our money is an endlessly printed fraud currency. “Pay back your loans” might work if we had honest money, but we don’t. The monetary supply is constantly inflating.

Why should I tell someone to pay off a loan that will simply be wiped away later by the magic of monetary inflation and monetizing debt?

After all, that is the point of monetizing the debt—to wipe debts away through the deliberate inflation of the currency.

People can grandstand and get mad, but the ultimate truth is that the money is inflating constantly with or without student loan forgiveness—that’s the ultimate reality.

The interest payments on the national debt are now the single highest line item in the federal budget. That debt isn’t going to be paid. It’s going to be monetized through inflation.

The U.S. dollar is going to zero, just like every single government-issued paper currency that has existed before it and every single one that will exist after it.

Biden announced on Wednesday: “Starting today, the first round of folks who are enrolled in our SAVE student loan repayment plan who have paid their loans for 10 years and borrowed $12,000 or less will have their debt canceled. That’s 150,000 Americans and counting. And we’re pushing to relieve more.”

Starting today, the first round of folks who are enrolled in our SAVE student loan repayment plan who have paid their loans for 10 years and borrowed $12,000 or less will have their debt cancelled.

That’s 150,000 Americans and counting.

And we’re pushing to relieve more.

— President Biden (@POTUS) February 21, 2024

The Epoch Times went into further detail on the student loan forgiveness plan:

To be eligible for the latest round of student loan debt cancellation, the borrowers must be enrolled in the new income-driven repayment (IDR) plan, dubbed SAVE; have been making repayments for at least 10 years; and have originally taken out $12,000 or less for college.

For every $1,000 borrowed above $12,000, a borrower can receive debt discharge after an additional year of repayments.

Conservatives were overwhelmingly critical of Biden’s recent student loan forgiveness plan, with many claiming that there is no such thing as loan ‘forgiveness.’

There is no such thing as student loan "forgiveness."

President Biden is simply transferring the debt to make you and your kids pay back student loans that you never took out.

— Tom Cotton (@TomCottonAR) February 21, 2024

The Biden administration is trying to cancel $1.2 billion in student loan debt.

Yet another move that circumvents the Supreme Court’s authority and harms American taxpayers.

— Sen. Marsha Blackburn (@MarshaBlackburn) February 21, 2024

Biden is not "canceling" student debt. He is taking debt from borrowers who willingly took it on and transferring it onto taxpayers who chose not to attend college or already paid off their loans. It is unfair and nothing to be proud of. https://t.co/ysgiANUaj9

— U.S. Senator Bill Cassidy, M.D. (@SenBillCassidy) February 21, 2024

Just The News presented this statement from the Department of Education:

“These are historic efforts that reflect the president’s commitment, again, to deliver as much relief as possible to as many borrowers as possible as quickly as possible.”

Bottom line is this: We’re providing real, immediate breathing room on an unacceptable reality where student loan payments compete with basic needs, like putting food on the table and accessing health care.”