September 29, 2022

Biden Invokes Post-9/11 ‘National Emergency’ Law to Ram Through $300B Student Loan Bailout

Joe Biden’ s inflationary $300 billion bailout for the college-educated is being rammed by means of by executive fiat within post-September 11th law which allows for debt cancelation “ in connection with a war, some other military operation or national emergency. ” How’s he or she doing it? Biden is employing a post-9/11 law that allows to get debt cancelation “in reference to […]#@@#@!!

Joe Biden’s inflationary $300 billion bailout for the college-educated is being rammed through simply by executive fiat under a post-September 11th law that allows intended for debt cancelation “ in connection with a war, other military operation or national crisis. ”

The Department of Education’s Office of the Common Counsel writes (via  Twitchy :

The HEROES Act, first enacted in the wake of the September 11 attacks, provides the Secretary broad authority to grant respite from student loan requirements during particular periods (a war, additional military operation, or national emergency, such as the present COVID-19 pandemic) and for specific reasons (including to address the economic harms of such a war, some other military operation, or emergency). The Secretary of Schooling has used this specialist, under both this each prior administration since the Act’s passage, to provide relief to borrowers in connection with a battle, other military operation, or national emergency, including the continuing moratorium on student loan obligations and interest.

Specifically, the HEROES Act authorizes the Secretary to “ waive or modify any statutory or regulatory provision suitable to the student financial help programs” if the Secretary “ deems” such waivers or even modifications “ necessary to ensure” at least one of several enumerated purposes, including that borrowers are “ not placed in a worse position financially” because of a national emergency.   20 U. H. C. § 1098bb(a)(1), (2)(A).

Within present circumstances, this authority could be used to effectuate a course of categorical debt termination directed at addressing the monetary harms caused by the COVID-19 pandemic.   The Secretary could waive or modify statutory and regulatory provisions to effectuate some cancellation for borrowers who’ve been financially harmed because of the COVID19 pandemic. The Secretary’s determinations regarding the amount of relief, and the categories of borrowers for whom relief is necessary, should be well informed by evidence regarding the economic harms that borrowers have experienced, or will likely experience, due to the COVID-19 pandemic. But the Secretary’s authority can be exercised flatly to address the situation at hand; it will not need to be exercised “ on the case-by-case basis. ” Identification. § 1098bb(b)(3). That is, he or she is not required to determine or display that any individual borrower will be entitled to a specific amount of reduction, and he instead may provide relief on a categorical schedule as necessary to address the financial harms of the pandemic.

From the national emergency that college-educated, upper class people — who we’ve all already been told are going to make an addition $1. 2 mil over their lifetimes versus folks with just a high school degree — have to pay back the debts they borrowed.  

Those who skipped college and proceeded to go straight to work and those along with only high school degrees whom couldn’t afford to go to college will have to pay their managerial elite overlords’ loans away. It’s not enough to be lectured endlessly by these cretins about how deplorable, racist and evil we are for not discussing their woke values, we have to also pay off their financial obligations.  

When the Republicans were in strength, they gave trillions in tax cuts to the extremely rich and megacorporations (who used all their extra money to obtain Trump out of office) and funneled billions of dollars to minority voters to try and purchase their votes (it failed to work) but when Democrats are usually in power they extract cash from middle and lower-class GOP workers to give to college-educated managerial elite Democrats.  

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