Inside the Ring Road: Lasting Collateral Damage from Biden’s Student Debt Program

Political, cultural and economic sages always look askance President Bidenexpensive plan to cancel some student debt. Some call it an unfair burden on taxpayers, others say it will drive up inflation.

But there is another important but unwanted by-product that could also surface.

“The decision is wrong on many other levels. For starters, it sets a precedent. Cancel student debt? Why not credit card debt? Household mortgages? Heck, let’s have that national debt jubilee that democratic socialists always talk about, and just stop paying the $30 trillion and the change we owe to the world. Why not?” asks an Issues & Insights editorial.

“The fact is, a basic part of our economy is debt. Debt is a commitment to repay what you owe. It is a responsibility. That’s why people can buy cars and houses. Biden undermines this system of trust with his decision to favor one group of debtors over all others and allow them to abrogate their responsibility to repay their debts,” the editorial continued.

“Then there’s the cost: $311 billion, or about three times the Department of Education’s annual budget. Biden has already written off $32 billion in debt for some 1.6 million people. Now it is multiplying that cost by 10, at a time when the current deficit is expected to top $1 trillion for the third straight year,” he said.

“This is a terrible move by Biden, backed by the far-left Democrats who now control Congress. So why do it? Their real goal is to win seats for the Democrats from gullible voters in the midterm election. -mandate, just three months away. This is a disgraceful display of fiscal irresponsibility and false egalitarianism, and yet another big reason why voters should throw out the bums,” the editorial continued.

NOW THERE IS A THOUGHT

Here are some additional thoughts regarding President BidenThe aforementioned solution to student debt, which he made public after spending some downtime in Delaware and South Carolina. Mr. Biden also managed to show up at a Democratic National Committee fundraiser on Thursday.

“By my calculations, this is Biden’s 49th visit to Delaware as President. Brings the number of days there to 150,” tweeted Marc Knollera former White House correspondent for CBS News who meticulously tracked the travel habits of Mr. Biden, as well as the three presidents who preceded him.

Holidays, fundraising – it’s just normal for the White House, some say.

“In typical Biden fashion, instead of resolving the multiple crises he has created, he only comes back from vacation weeks to hang out with liberal elites. If only Biden was as focused on serving hardworking Americans and families as he was on planning his vacation,” the Republican National Committee spokesperson said. Emma Vaughn in a statement shared with Inside the Beltway.

THE PERSISTENT CHANGE

Eli Yokleya Morning Consult analyst, tracks some of the nuances among the voting public that could prompt political strategists to pay more attention to shifting trends.

“The share of the electorate identifying as ‘very liberal’, ‘liberal’ or ‘somewhat liberal’ on a seven-point scale has fallen over the past five years, from 34% to 27%. The decline of liberal self-identification has not led to a major increase in conservative alignment, the most important ideology in American politics,” Yokley wrote in his report, based on several political polls. .

“When it comes to the two main parties, the data paints a stark picture of asymmetric polarization. Even as Democratic voters drift to the middle, data shows Republican Party adherents are shifting further to the right — and it’s happening fast,” he said.

“The left is losing the battle for the spirit of the American electorate, shows a study by Morning Consult, with voters identifying themselves less and less as liberals in recent years. But that doesn’t mean the country is turning right. Instead, an increase in the share of Americans who identify as moderate, or who are unsure where they sit on the ideological spectrum, reveals a growing, electoralist center that is unhappy with the extremes on either side,” Mr. Yokley noted.

DAYS OF YESTERYEAR

So it’s been five decades since Watergate? Yes, and the Society of Professional Journalists is marking the moment at MediaFest 22, the organization’s annual convention.

“On the 50th anniversary of the Watergate burglary, join legendary journalists Bob Woodward and Carl Bernstein at MediaFest 22 as they discuss the famous investigative story, how they broke it, and its lasting impact on journalism,” the organization said in a press release shared with the Beltway.

The society’s annual conference, organized in partnership with the Associated Collegiate Press and College Media Association, will be held October 27-30 in the nation’s capital.

The company was founded in 1909; find it at SPJ.org.

REAL ESTATE WEEKEND

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SURVEY OF THE DAY

• 53% of American adults say the United States continues to support Ukraine until all Russian forces are withdrawn from territory claimed by Ukraine.

• 51% support that the United States provides weapons such as rifles and anti-tank weapons to the Ukrainian army.

• 43% support that the United States sends troops to NATO countries neighboring Ukraine.

• 26% support sending US troops to Ukraine.

• 50% say the US limits or restricts oil and gas imports from Russia even if it leads to further price increases.

• 49% say having gas for homes and businesses in the US is more important than trying to influence Russia’s presence in Ukraine.

21% say the sanctions against Russia are not worth the economic impact they are having in the United States on energy and food prices.

SOURCE: A Reuters/Ipsos poll of 1,005 American adults conducted August 16-17.

• Follow Jennifer Harper on Twitter @HarperBulletin.