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April 9, 2024

Biden Is Generous With Other People’s Money

Whether funneling money to student loan deadbeats or certain types of homebuyers, Joe Biden is doing everything he can to buy votes.

When they actually win elections, Democrats win them with a coalition of interest groups, and two vital parts of that coalition are working-class folks and young people. Unfortunately for the Democrats, working-class voters abandoned the party for Donald Trump eight years ago. The youth vote isn’t always reliable, and Trump is also making inroads into that demographic.

But if there’s one thing Democrats have patented while in power, it’s doling out government largesse to favored constituents. And this time, these two affinity groups get their turn at the trough thanks to two schemes from the Biden regime.

The youth are being served by yet another attempt by the administration to transfer student loan debt from those who actually owe it to all the rest of us. Fox News figured it out quickly: “The president’s forthcoming attempt at sweeping debt cancellation comes as polling shows he is struggling with younger voters compared to his first White House run, and another controversial student loan handout is expected to be challenged in court.”

This time, however, the Biden Department of Education is hurriedly working through a revision of regulations in the hopes of staving off the inevitable court challenges from Republicans. After all, Education Secretary Miguel Cardona trumpeted, “When the Supreme Court struck down the president’s boldest student debt relief plan, within hours, we said, ‘We won’t be deterred.’”

As The Wall Street Journal summarizes: “The proposed regulation is expected to outline several categories that would qualify borrowers for debt relief, including financial hardship. … For example, borrowers with high debt loads and low incomes could see their loan balances reduced or eliminated under the plan. It could also outline a path to relief for borrowers who have carried their debt for decades; who now owe more than their initial loan amount because interest has piled up; or who are eligible for relief through other federal programs, but haven’t applied.”

It’s estimated that 43 million Americans have student loan debt, and the proposed rules would affect nearly 30 million of them, either partially or fully reducing their interest payments. Other aspects of the Biden vote-buying scheme would affect those who have been paying on their student loans for 20 years or more, those who have medical debt or high childcare expenses, or those who are otherwise at high risk for default. The administration also stressed the opportunity to help the black and Latino populations — can’t forget about those crucial voting blocs — and noted that borrowers need not apply for the relief, as it will just be credited to them.

But the pandering doesn’t stop there. You may not have noticed this last month in the wake of bigger cultural and news events like March Madness and the Key Bridge collapse, but Biden also promised his working stiffs he would provide help for the housing market. Once again, though, that “help” comes in the form of a twofold wealth transfer: tax credits and down payment assistance for certain homebuyers, and expanding the voucher program for rent assistance to another half-million households.

National Review’s editors, though, have poked a number of holes in Biden’s argument that government goosing of the housing market will be helpful to average Americans. Take, for example, Biden’s bright idea of a $10,000 tax credit for those selling their starter homes and trading up. As NR notes:

But — on top of the cost to other taxpayers — it would be a rotten deal for any homeowner to take Biden up on such a proposal. To start with, the closing costs associated with selling and then buying a home (broker commissions, inspection and appraisal fees, loan-origination fees, etc.) would easily take up most if not all of that $10,000. But more importantly, increased housing payments would quickly exceed $10,000, and after that credit expires after the first year, the new homeowner would be drastically worse off.

Thanks to Bidenflation, that $10,000 would be quickly eaten away to the tune of a $1,200-a-month higher mortgage payment. And it wouldn’t just be the higher interest rates; as the government has done to the costs of college through its massive student-loan push, the price of housing will also soar with the influx of government money. Who else can see the scam of the government paying people to trade houses?

It’s one thing to assist homebuyers with loans that require a reduced down payment. This author is one of millions who have purchased a house thanks to an FHA loan. But, like the trillions spent during the pandemic that did little but offset the government-induced lockdowns and fuel rampant inflation, the government “fix” for student loan debt and the housing market will only make the problem worse. It will be yet another reckless disaster.

But isn’t the idea for the Democrats that of getting more people dependent on Uncle Sam? It’ll be Mission Accomplished if they get away with this.

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