by Frank Holmes, reporter
Biden administration staffers have written a policy to give themselves hundreds of thousands, possibly millions, of taxpayers’ dollars.
President Joe Biden’s “student loan forgiveness” plan would have a life-changing effect… for the people who wrote Biden’s student loan forgiveness plan, a new muckraking investigation has revealed.
In August, Biden gave a televised speech announcing that he was going to let people who hadn’t paid back their student loans write off $10,000, or $20,000 if they took Pell Grants, if they make less than $125,000 a year.
It was Biden’s lips moving, but the actual policy was written by his staffers—who may soon line their pockets with the money they’re taking out of yours.
“The new political staff at the Department of Education could personally benefit by up to $512,646 in forgiven student loan principal balances and forgone interest payments if $10,000 in federal loans are forgiven,” according to a new report from a group called the American Accountability Foundation, a government accountability watchdog.
“Student loan debt at the Department is massive with 41 education staffers evaluated holding between $2,820,061 and $6,500,000 in total student loan debt,” said AAF.
It’s not just this center-right group: Bloomberg news service, founded by Democrat Michael Bloomberg, combed through financial disclosures from the Office of Government Ethics and turned up 30 staffers who owe more than $10,000 in student loans.
They put the total amount of student loans owed by deadbeat Biden’s staffers at somewhere between $2 million and $4.7 million.
One Biden staffer alone has yet to pay back somewhere between $500,000 and $1 million in student loan payments.
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The AAF report even names two DOE staff members—Melanie Muenzer and Jennifer Mishory—who could be able to write off $40,000 between them.
So, they’re writing the policy, and they’re cashing in.
“The fact that Department of Education staffers who could personally benefit from the student loan bailout are the same people who are crafting it is a conflict of interest and unacceptable,” the founder of AAF, Tom Jones (not the singer), told The College Fix. “The President and the Secretary of Education should have excluded anyone who was eligible for the bailout from helping draft it.”
The report shines a light on the way government bureaucrats write policies to get their hands on taxpayers’ money.
It’s not fair that someone who “didn’t go to college…now has to pay higher taxes to cover the loans of a gender studies major from Oberlin,” Jones said.
This is going to cost taxpayers. Biden’s student loan “forgiveness” could cost up to $1 trillion, according to the Penn-Wharton budget model.
The White House set a much lower figure: $240 billion over 10 years. But that assumes only 75 percent of eligible debt-holders want free money from the federal government. That’s “ludicrous,” said Taxpayers Protection Alliance President David Williams.
The real price will be at least twice that much, according to two right-of-center groups. The National Taxpayers Union and the Committee for a Responsible Federal Budget estimate the costs between $400 billion and $600 billion.
Not to worry—the Biden administration claims none of this will cost you a dime.
“We consider it fully paid for,” claimed Biden’s deputy director of the White House National Economic Council, Bharat Ramamurti.
He said the costs will come out of what the Biden administration is claiming is “$1.7 trillion in deficit reduction this year…We’re using a portion of that—a very small portion of it” for the student loan charge-off. But the CBO says the real federal deficit is already $727 billion just 10 months into the 2022 fiscal year. So much for savings.
This will either raise inflation or raise taxes—or both—to pay off Team Biden.
“You would have had a much different policy if it was drafted by people who had taken loans, graduated, worked in the private sector, and paid down their loans,” said Jones.
Almost everybody has noticed the nameless people who rule in the president’s name are paying their debt with your money. House Republicans wrote a letter back in June to the Office of Government Ethics saying this policy was “promulgated by White House staffers who stand to financially benefit from the decision.”
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The only person who hasn’t realized is the president.
When a reporter asked Biden last Thursday whether his employees crafted a policy that would let them write off their own debt, Biden answered, “No one has told me they have.”
What else are the people really running the government hiding from the president?
Frank Holmes is a veteran journalist and an outspoken conservative that talks about the news that was in his weekly article, “On The Holmes Front.”