Schumer Calls for Biden Executive Order Canceling College Student Debt Obligations

P. Gardner Goldsmith | November 18, 2020

One of the educational and amusing phenomena to observe when staring into the abyss of politics is how many government hucksters claim to “care” for the “next generation," even as they enslave them with generational debt.

Senator Chuck Schumer (D -NY) is a perfect example of one of those figures.

The NY Post’s Carl Campanile reports that, along with “Native American” Sen. Elizabeth Warren (D-MA), the New York Democrat is pushing a proposal to cancel huge amounts of debt that US college students willingly shouldered.

Getting rid of student debt. I have a proposal with [Massachusetts Sen.] Elizabeth Warren that the first $50,000 of debt be vanquished…

But Schumer’s not done with his unconstitutional “create-problems-by-supposedly-solving-earlier-problems-created-by-government” proposals.

As Campanile notes, Schumer continued:

(W)e believe that Joe Biden can do that with the pen as opposed to legislation,” Schumer said during an interview with The.Ink.

And how could Biden do that?

Well, if Smokin’ Joe is called El Presidente, he’ll be in charge of the Executive Branch, and, since the parasites in the federal government show their absolute contempt for the Constitution by issuing virtually all loans for higher education in the US, and since the management of those unconstitutional student loans is under Executive Branch control, Joe could – like Chuck – claim to care for young Americans by “canceling” their willingly adopted loans.

Which would…

…mean that the US government would drop $1.6 TRILLION in expected payments, increasing the federal debt, which, in turn, would…

…have to be paid through increased taxes, which would…

…be paid by those young people, and other people (you, and me) who never signed on to those loan obligations.

It’s a great way to “help” solve the debt problems of kids who recklessly took on tens of thousands in college debt: pretend to “wipe out” the debt, shift the debt to the already massively debt-ridden US government, and then, by extension, force those same young people AND others who were never party to their decisions to pay through taxation.

Isn’t it nice to be a slave, at risk of being made to work MORE, despite not having chosen to take on someone else’s debt?

And isn’t it great to see how the federal government has slowly, but inexorably, not only taken over the student loan market, but, by doing so, has artificially increased demand for college education, and, as a result, pushed college prices sky-high, which, in turn, increases the amounts the government hands out in loans, perpetuating the pernicious cycle?

In addition to the prima face insults to the US Constitution that Executive Orders and federal loans for ANYTHING represent, how in the WORLD did we get dragged into this tyranny, artificial demand, and enslavement?

RELATED: CRAZY: Rep. Jayapal - ‘Explode The Idea Of Paying For Things’ – End Student Debt


As Daniel Kowalski writes for the Foundation for Economic Education:

Student loans did not exist in their present form until the federal government passed the Higher Education Act of 1965, which had taxpayers guaranteeing loans made by private lenders to students. While the program might have had good intentions, it has had unforeseen harmful consequences.

Folks familiar with economics, government subsidies, and moral hazard know…

This fueled demand for the higher education business, where existing universities and colleges expanded their academic programs in the arts and humanities to suit students not interested in math and sciences, and it also led to many private universities popping up to meet the demands of students who either could not afford the tuition or could not meet the admission criteria of the existing colleges. In 1980, there were 3,231 higher education institutions in the United States. By 2016, that number increased by more than one-third to 4,360.

And the US steadily has increased the yearly and total amounts that students can receive in loans. In the 1980s, the total was $2,500 per year over four years. But that’s jumped to $12,500 annually and $57,500 total, while grad students can borrow up to $20,500 annually and $138,500 total, incorporating their undergraduate loans.

All of which has seen a spike in college charges, or, as Erik Sherman reported in September:

The average cost of attending a four-year college or university in the United States rose by 497% between the 1985-86 and 2017-18 academic years, more than twice the rate of inflation.

The cost of attending a traditional four-year university has been rising more than twice as fast as inflation, and two-year community colleges a third faster.

And, now, Chuck and Liz want to pass legislation or see an Executive Order to shift nearly $2 trillion in debt onto people who never had any hand in taking on the debt.

Sounds familiar in government circles, doesn’t it?

And what’s even more insulting about these grand pronouncements is that these leftists and others have to be well aware of the fact that President Obama ALREADY “forgave” a huge swath of college debt owed to the feds. In other words, they already put us on the hook.

It started with Obama’s announcement of the “PAYE” or “Pay As you Earn” change in the way the unconstitutional Department of Education would handle repayment of federal college loans. A change announced in 2011 and implemented in December of 2012, this Executive Branch action saw the feds cap yearly repayments of ten-year college loans for single people at ten percent of the debtor’s annual gross income. But that wasn’t enough for Obama, so in 2014, he announced an expansion to his original re-work – and this was an expansion that actually saw a cut-off point beyond which loan recipients would no longer have to pay a dime.

As Steve VanBergen wrote for Fox17 in 2015:

Teachers can have their balance canceled after ten years, for example. Low-income borrowers can have their balance canceled after 20 or 25 years of on-time payments.

So you’re already on the hook. You get to pay the balance of loans for the very “teachers” who have connected to the public trough of tax-funded government schools, and you get to pay the balance for “low-income” borrowers after 20 years.

And, even with all that in the history of this smash-and-grab government deception, people like Schumer have the gall to spout the drivel he does.

It seems that one doesn’t need to go to college to learn.

We can learn a lot by looking at the sly and corrupt posturing of people like Schumer as they pander and try to make people overlook history, economics, the US Constitution, and ethics.

We can learn, and take Schumer to school when we see him, when he is in a public place, when he’s given easy play by the sycophantic press.

And we can hold onto the truth, regardless of the outcome.