Another Cup Of Morning Coffee “News”

The Best Circus To See Is In Washington, D.C.

By Dannie McIntire

AUGUST 29, 2022

A beautiful morning in Indiana, a fresh cup of coffee, let’s see what in the news will send me back to my kitchen to fortify my coffee with a splash of good Ol’ Jim Beam.  

If you are not befuddled by the current circus antics in Washington, D.C., then you most likely have the qualifications to run for election to our congress.

No sooner than the democrats had passed the “Inflation reduction Act”, which in reality had absolutely nothing to do with reducing inflation, but part of which was touted as reducing the federal budget by $300 Billion over the next ten-year period.

Well, that budget deficient reduction sure didn’t last long. 

Wednesday, President Biden announced he will cancel $10,000 of federal student loan debt for certain borrowers making less than $125,000 per year and up to $20,000 for Pell Grant recipients while extending the pause on federal student loan payments through the end of the year.

The “Committee for a Responsible Federal Budget” has estimated that President Biden’s student debt forgiveness plan will cost U.S. taxpayers between $440 and $600 billion over the next 10 years. 

I read a comment from a “voter” who was asked their opinion on the President’s plan and they commented; “we are a rich nation, we ought to forgive all the student loan debt”. 

Hey to those who think that way, we are not a rich nation. Currently, our national debt is almost $30 Trillion dollars. Currently, that is approximately $92,415 of debt for every single American citizen. A recent study found that 57% of U.S. households paid no federal income tax last year, so double the above amount of public debt to $184, 830 per actual national tax-paying citizen. Do you still feel rich?

The most concerning issue for me is that our federal government is instilling the mindset of younger Americans that they are not responsible for the debt they legally incur.

Good grief, financial 101 dictates that if you take out a loan, you are responsible to pay it back or there are consequences. 

Well, apparently not anymore.

While not my favorite senator, Mitch McConnell released a statement I totally agree with; “President Biden’s student loan forgiveness program is a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path or volunteered to serve in our Armed Forces in order to avoid taking on debt, this policy is astonishingly unfair.”

House Speaker Nancy Pelosi back in July of 2021 issued a statement saying that the President “does not have the executive authority to issue “debt forgiveness,” arguing that such action would be illegal and that it has “to be an act of Congress.”

To be sure, there will be federal court challenges to the president trying to usurp what should be a constitutional power reserved for congress.

In my opinion, the court challenges will drag out past the mid-term elections and my thinking is President Biden knows that his executive overreach will be eventually ruled unconstitutional.

What a great ploy before the mid-term elections to gain votes. Hey, if you want student debt canceled you better vote democratic and keep both houses of congress in democratic hands. 

What is unfortunate is that voters will fall for this. The democrats will cancel part or perhaps all of my student debt; show me the democratic lever to cast my vote.

Recently, a Democratic activist, who this past election cycle ran for congress but thankfully lost, made a statement questioning why anyone would be against student debt forgiveness, after all the federal government would pay for it, it wouldn’t cost them anything. The activist was clueless that our federal government gets its money from taxes we pay.

The above should scare you, these people run for congress.

Let me pause and think, the recent “Inflation Reduction Act” will Expand IRS enforcement funding by about $80 billion over 10 years, so guess what they are coming for? Yep, more of your money! 

Since it seems our government wants to give away more “free” stuff, I’d like to suggest this year, as a “thank you”, all citizens who pay federal income taxes, upon filing their 2022 tax returns, will receive a free “all day sucker”. Well, I guess that wouldn’t be free because as taxpayers, we’d be paying for the sucker.  

FOOTNOTE:  This article was posted by the City-County Observer without bias or editing.