John F. Floyd Commentary: Student loan forgiveness has served Democrats well
Who says you can’t buy votes? It just happened in the mid-term elections.
Everybody is scratching their collective heads over the disappointing results for Republicans and wondering how it happened.
Well, here is how it happened. President Joe Biden promised more than 40 million Americans he would cancel their student loan debt, and as a matter of fact, he has already put the wheels in motion to do just that by executive mandate. And the millions who expect cancelation of their debt vote in high percentages, especially when personal financial implications are considered.
An article by Collin Binkley and Chris Magerian in the Nov. 17 Gadsden Times stated, “Now it is unclear if borrowers of student loans will be expected to make payments on that debt when the pause ends, and the political hazards are growing. At risk is support from 43 million borrowers who have been promised at least some debt relief, including millions of younger Americans, a demographic that helped deliver key wins for Democrats last week.”
The 43 million student debt borrowers should have taken their civic lessons more seriously because they would have known the cancellation of their debt by mandate would be challenged on the grounds of constitutionality.
The courts will ultimately decide if Biden has the authority and power to cancel student debt. But there is a fundamental fairness issue with the idea: Why should any American, much less poor Americans just making ends meet, be responsible for debts incurred by students — and sometimes professional students?
Some students just like to go to school, regardless of the consequences — like having to pay off student loans.
What were these students that were rolling up these huge mounds of debt thinking, and who did they think was ultimately responsible?
“Webster’s New World Dictionary” defines responsibility as accountability, dependability and obligation. If my dad taught me anything, he told me that I, and I alone, was responsible for my actions. These people with exorbitant student loans act as if some other hard-working individual should take responsibility for those loans. That includes garbage collectors, waitresses and waiters, and bus drivers. It encompasses all white-collar and blue-collar workers.
If Biden can eliminate debt for students who make careers out of going to college, why not cancel the home loans of hard-working American families who are struggling to make payments? Aren’t they just as deserving?
And what about car loans? Shouldn’t car loans qualify?
I know, I am just being facetious. But that is just how ridiculous this student loan write-off is. But as I previously stated, the American courts will be the ultimate arbiter of the constitutionality of Biden’s mandates.
The courts have already stopped, or paused, the plan to eliminate student loans. A recent article in the Wall Street journal stated, “Things aren’t going well for President Biden’s student loan cancellation. On Monday the Eighth Circuit Court of Appeals enjoined the $400 billion write-off, its second legal defeat in days. This is what happens when the president subverts the law for election politics.”
Even if the Supreme Court decides against Biden and his student loan forgiveness, it has served its purpose and served Democrats well. Just look at the mid-term results.
John F. Floyd is a Gadsden native who graduated from Gadsden High School in 1954. He formerly was director of United Kingdom manufacturing, Goodyear Tire & Rubber Co., vice president of manufacturing and international operations, General Tire & Rubber Co., and director of manufacturing, Chrysler Corp. He can be reached at johnfloyd538@gmail.com. The opinions reflected are his own.
This article originally appeared on The Gadsden Times: John F. Floyd looks at Biden's student loan forgiveness plan
