Collective Debt – We Must All Pay for Student Loans

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By Martin Armstrong

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Biden is destroying the financial future of generations with his reckless spending in an attempt to buy votes. Fed Chair Powell nearly admitted it in his interview with 60 Minutes in which he urged the government to show restraint when plunging the nation deeper into debt. Biden and the Democrats are cheering that he will “cancel” debt for an additional 277,000 under the SAVE plan. Do people not realize by now that the taxpayer is paying for this debt cancelation?

Biden already “forgave” the debts of 4.3 million borrowers, but the banks have not, and neither have the universities. The liberals believe the Big Guy is magically opening his wallet or waving a magic wand and making the debt disappear. NO – the lenders will receive a repayment, but now WE, the people, must pay for the debts of a few. This would be akin to the president saying that federal funds would be used to forgive personal mortgage loans – people simply cannot afford them at the moment, and it is the socially just thing to do. Forget about the people who chose not to buy a home because it did not fit within their budgets. Perhaps we should forgive all EV car payments, t00, and hey, that money we owe to foreign nations? Well, that will be a discussion for another time since we simply won’t have the money to repay.

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Newsflash – the youth do not approve of Joe Biden. They are afraid to fight in a war overseas in which they see no patriotic cause to go. His supporters on the far-left support HAMAS. Not Palestine, but Hamas. A Harvard-Harris poll conducted in October asked, “In general in this conflict, do you side more with Israel or Hamas?” Among Gen Z voters, 48% said they supported the terrorist organization. Those with clarity do not support any war and certainly do not support sending countless aid to Ukraine and Israel.

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Tax season caused some of the woke young Americans to question their financial identities, and I reported that one poll found that nearly a quarter of first-time filers actually planned to seek psychological help upon filing taxes. No one explained to them how this sinister system actually works.

We do not live in a Democracy. We did not vote on whether we wanted to spend over $7 billion to dismiss the financial obligations of others. Furthermore, this is a clear and deliberate attempt to BUY VOTES ahead of the election. Biden is simply polling so low that he is desperate to do anything to garner support, be it ushering in a new population of migrants or gaslighting the public into believing they are better off today.

Biden 2024 Lets finish the job

WE the people have spent $153,000,0000,000 on buying votes through student loan bailouts. On June 30, 2023, the Supreme Court declared Biden’s forgiveness programs unconstitutional. The Biden regime has never followed the Constitution and has actively sought ways to dismiss the very documents this nation was founded on. “I believe the Court’s decision to strike down my student debt relief program was a mistake, was wrong. So, we need to find a new way and we’re moving as fast as we can,” Biden was scripted to say after the ruling. Is there an amendment that this man has not dismissed?

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The national debt crisis should scare you. Biden-Harris and the neocons are borrowing against future generations of Americans. The government believes it can shake down the citizens for additional taxes, but even if they confiscated all of our assets, it would not be enough to cover their continual spending.

Again, I want to state the importance of Jerome Powell’s words. It is unusual for the central bank to break with the government for any reason.

“In the long run, the US is on an unsustainable fiscal path. The US federal government is on an unsustainable fiscal path and that just means that the debt is growing faster than the economy,” Powell finally warned, later adding, “effectively, we are borrowing from future generations.” He warned that we must begin to prioritize fiscal policy immediately to fix this unending crisis.

Forget rate cuts. Forget a balanced budget or even seeing anything remotely in the green. Not only are we funding 2.5 wars and millions of unemployed migrants, but we are also funding the climate change hysteria that demands we implode our economy. The Inflational Reduction Act was merely the beginning. These spending packages are the greatest threat to our nation’s economy as we simply CANNOT REPAY OUR DEBT. Worse — we have turned our main buyers into enemies and will soon be left holding the bag as no one will come to rescue America.

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