So here you are, you and your spouse are competing in a National Greatest Parent competition. You need all the votes you can get to receive that very prestigious award and the multi-million dollar prize that goes with it. But you think you are lacking about 5 votes to win. Hummmmm…what do you do for those last 5 votes???
Then you have a flash of brilliance…you know how to get the last 5 votes and maybe a couple extra…YOUR CHILDREN (15 of them)! But, there is one small problem…your 7 biological children are not real happy with you because you haven’t really been keeping your promises lately and they just kinda struggle with you in general terms. But, you know you probably can’t make them be loyal to you, you can’t make them love you, but you how to get their vote…you are determined to win Nation Greatest Parent!!
See, back about 10 years ago you lent each biological child a lot of money over 4 years…lent them each $37,667*. Yes, you had an agreement that they would pay you back the money but you really haven’t worried about them paying the money back. Why? Because you are very, very rich and the money they repay you is a very tiny fraction of 1% of the income you make each year. And no worries at all…you borrow money every year anyways. See, even though you are very rich and makes lots of money, you borrow money each year in order to pay your bills.
Actually, you are so not worried about them paying you back, that over 2 years ago you told them stop making payment for a couple of years just to help them get through this whole COVID nonsense†. And it was so nice of you to do…some of them bought a new house, bought a new car, and some even took a great vacation just this year to Disneyland for National Pride Month.
And all of that has been amazing for you and your kids! See, each one of them is married and the combined income for each couple is $184,648 per year††. They certainly needed the help!
So your plan is going to work…you will “give” them (debt forgiveness) each $10,000 – $20,000 and they will vote for you this year so you can win the National Greatest Parent title that means so much to you.
But, you have an even bigger plan…in 2 years they are having Greatest Parent of the Universe competition. And you know that to get their vote for that…you will forgive all of the money they owe you. You smile to yourself…you are brilliant!!
Get my drift?
So, back to reality, let’s review a couple of things:
- Don’t blame people receiving the debt forgiveness, it wasn’t their decision. And, I doubt you would give back a $10,000 or $20,000 check that the US government sent to you.
- No “expert” has a clue how much this stroke of the pen will eventually amount to. But, it will be in the hundreds of billions.
- It will not add to inflation. Recipients haven’t had to make payments for two years now…so there will be virtually no “new” money going into the economy. For each person…the $10k forgiveness amounts to well under $200 per month…not an inflation feeding amount.
- There doesn’t have to be a mechanism to “pay for” this debt forgiveness. It is a debt, not an added welfare payment…there is no money being sent out. The government will simply remove hundreds of billions of dollars from the ”asset” side of federal government bookkeeping…no money going out. Hence, no need to pay for the program.
- Vote buying is a corrupt election practice that obstructs our voting process by impeding the exercise of our rights to freely choose our leaders. This move by Biden is simply vote buying to help Democrats keep control of Congress and ensures that everyone sees the power of the US federal government.
- And no, the Constitution has no authorization for the President to do this. Actually, the Constitution has no authorization for a student loan program to begin with.
- The US government considers a couple to be “upper-class” if they make $144,251 per year. So Biden’s plan covers all of the upper-class…stretching well into the “rich” category. For a single person the US government considers you “upper-class” at $72,126. So the debt relief program was geared specifically not toward middle-income class at all. The wealthy were targeted for this vote buying debt relief program. The lower income folks, including the middle-income” folks just happened to get swept up in it.
So you knew from the very beginning what this was all about…vote buying. But, now you understand it was also about wealth transfer…moving money from the government to the upper-class income folks. Why else would the government transfer $20,000 – $40,000** to couples making an average of $184,648 per year?
About the 8 adopted children that the couple has…well, they never got any “loans” from the parents. And the parents could care less about how they are doing or getting their vote. And no, the parents are not going to give them a single dollar for any reason whatsoever.
Why? They don’t even talk to those kids, don’t know where they live, never send them a Christmas card, and don’t want anything to do with them.
Why? Because those kids made their own way in life, paid for their own education or got a great job as an electrician, computer programmer, plumber, mechanic, firefighter, etc. And those kids aren’t particularly in love with their adopted parents either…because those adoptive parents disowned them a long time ago.
Maybe Uncle Joe isn’t so crazy after all.
* Average total student loan debt.
†Federal Student Loan Payment “Pause” Program.
††Average income for each couple who has student loan debt. Average income for each individual person is $92,324.
** $10,000 per each person debt relief standard. $20,000 debt relief for those who received Pell Grants.
2009 - 2022 Copyright © AHTrimble.com ~ All rights reserved No reproduction or other use of this content without expressed written permission from AHTrimble.com See Content Use Policy for more information.