BY DENNIS PRAGER | P J MEDIA
(AP Photo/Sue Ogrocki)
By Jim Hoft
Trump Jobs Numbers Out:
Unemployment at 17 year Low
2.2 Million New Jobs Since Election
More Americans Working than Ever!
President Trump’s Economy is Simply “On Fire”.
Job numbers released today through the end of November show an increase of 2.2 million jobs since last years election and an unemployment rate of 4.1 percent. After the same period under Obama, (4.8) million jobs were lost and unemployment skyrocketed to 9.9 percent!
President Trump’s economic results could arguably be the best all time. The stock market is the highest ever and jobs are being created by the thousands.
According to data released today by the Bureau of Labor Statistics, President Trump added a projected 1.9 million jobs in the first eleven months of the year (January through November 2017) and 2.2 million jobs since last year’s election.
The same cannot be said for President Obama’s first eleven months as he lost 4.8 million jobs. Obama was so bad at creating jobs that by the end of his second term he said that jobs were not coming back. This showed in his first eleven months in office because in every month the US lost jobs.
According to the Bureau of Labor Statistics, under President Trump more Americans are in the work force than ever before. Over 160 million Americans are working for the first time in US history.
President Trump is working hard to bring good paying jobs back to the US and his efforts are showing historic results. ADP reported 40,000 new manufacturing jobs in November. This was the highest reported monthly amount of new manufacturing jobs in the history of their report!
Also according to the Bureau of Labor Statistics the US unemployment rate this year has been below January’s rate every month (January through September 2017.) The unemployment rate in January 2017 was 4.8 percent and by November it was down to 4.1 percent. These are the lowest rates in 17 years.
President Obama on the other hand again moved in the opposite direction. In his first eleven months as President the US unemployment rate increased every month from 7.8 percent in January 2009 to 9.9 percent by November of 2009.
The mainstream liberal media won’t report this, but when looking at the economy and jobs, the billionaire President Trump is providing a tutorial for any former community organizer that might hope to be President someday.
MORE Presidential Accomplishments
Weekly Tracker (12.1.17)
Government Accountable To The People
President Trump has brought Merry Christmas back to the White House, reading the Christmas story at the tree lighting and printing out cards to wish a Merry Christmas.
President Trump appointed Mick Mulvaney as Acting Director of the Consumer Financial Protection Bureau to provide oversight and accountability to the runaway agency, and bring it back to its original purpose of protecting consumers.
Unleashing our Economic Potential
Estimates for the third quarter place GDP at 3.3 percent, despite three major hurricanes making landfall. This is the best six-month stretch of growth in three years.
Excluding hurricane effects, CEA estimates that real GDP growth could have been 3.9 percent in Q3.
The Conference Board’s Consumer Confidence Index rose for the fifth month in a row in November to a 17 year high of 129.5.
Already in 2017, the Dow Jones Industrial Average has had 62 record highs, including this week.
The Dow Jones Industrial Average is up over 32 percent since Election Day 2016.
Closed over 24,000 points for the first time in history on November 30th, 2017.
The Institute for Supply Management reported that the manufacturing sector grew for the 14th consecutive month since the election.
According to the Bureau of Economic Analysis, U.S. personal income rose by 0.4 percent in October.
Wells Fargo/Gallup Small Business Index showed small business optimism held steady in the 3rd quarter after the biggest increase in decades during the 2nd quarter.
Eliminating Job Killing Regulations & Wasteful Spending
Simply cutting red tape and putting Obama-era regulations on hold have already saved $378 million since President Trump took office, and that savings is expected to jump into the billions next year when the administration’s anti-regulation campaign hits full stride, according to a report from the American Action Forum out this week.
Pursuing Fair and Reciprocal Trade Deals
The Department of Commerce announced the first self-initiated antidumping and countervailing duty investigation since 1991 targeting Chinese common alloy aluminum sheet.
Restoring Law and Order
The Department of Justice announced over $98 million in grant funding through the Office of Community Oriented Policing Services (COPS Office) COPS Hiring Program to allow 802 additional full-time law enforcement officers.
The Department of Justice announced $12 million in grants to support anti-opioid efforts, ordered the designation of an opioid coordinator in U.S. attorney’s offices, and created a new Drug Enforcement Administration office in Kentucky to better address opioid abuse in the Appalachians.
150 Trump accomplishments in 300 days
1. Iran: Trump issued a memorandum Nov. 16 determining that the U.S. has enough petroleum coming from countries other than Iran to permit “a significant reduction in the volume of petroleum and petroleum products” purchased from the mullah-led nation.
2. China trade: During President Trump’s visit to China in November, trade and investment deals worth more than $250 billion were announced that are expected to create jobs for American workers, farmers and ranchers by increasing U.S. exports to China and stimulating investment in American communities.
3. Government transparency: The federal government on Nov. 9 made public more than 13,000 additional documents from its files on President John F. Kennedy’s assassination, under orders from President Trump. It was the fourth released since October, when the president allowed the immediate release of 2,800 records by the National Archives.
4. International liberty: President Trump proclaimed Nov. 7, the 100th anniversary of the Bolshevik Revolution, as the National Day for the Victims of Communism
5. Religious liberty: The Department of Agriculture issued a guidance Nov. 6 that ensures Christians who opposed same-sex marriage would not be discriminated against for their beliefs.
6. Job growth: President Trump announced in the Oval Office Nov. 2 that the semiconductor manufacturing company Broadcom Limited is moving its headquarters from Singapore to the United States. Broadcom is a Fortune 100 company that already employs more than 7,500 workers in the United States, and that number is expected to grow exponentially, with an estimated $20 billion to be spent on employees annually. Broadcom CEO Hock E. Tan said the decision to relocate Broadcom was driven by “his desire to give back to this country that has given me so much.”
7. Government reform: EPA Director Scott Pruitt placed 66 new experts on three different EPA scientific committees who espouse more conservative views than their predecessors. To prevent conflicts of interest, Pruitt signed a directive Oct. 31 banning scientists who receive EPA grants from serving on the agency’s independent advisory boards.
8. Job growth: The White House announced Oct. 25 a new drone Integration Pilot Program that will accelerate drone integration into the national airspace system. Under the program, the Department of Transportation will enter into agreements with state, local, and tribal governments to establish innovation zones for testing complex UAS operations and to attempt different models for integrating drones into local airspace. Calling drones “a critical, fast-growing part of American aviation, increasing efficiency, productivity, and jobs, the White House said they “present opportunities to enhance the safety of the American public, increase the efficiency and productivity of American industry, and create tens of thousands of new American jobs.”
9. Government reform: Melania Trump, while embracing a more active and public schedule as first lady, is running one of the leanest East Wing operations in recent history, according to a Fox News analysis of White House personnel reports that found she has significantly reduced the number of aides on the first lady’s office payroll in comparison to her predecessor, Michelle Obama. During President Obama’s first year in office, 16 people were listed working for Michelle Obama, earning a combined $1.24 million a year. This year, just four people were listed working for Melania Trump as of June, with salaries totaling $486,700.
10. Obamacare: Trump signed an executive order Oct. 12 that directs three federal agencies to rewrite regulations to encourage the establishment of cheaper health plans that can be purchased across state lines and are not bound by certain Obamacare rules and regulations. The directive would allow small-business owners, trade groups and others to join together to purchase health insurance. The plans would not be required to include benefits such as prescription drugs. Trump also wants to expand the sale of stopgap policies that don’t cover pre-existing conditions, mental health services and other costly benefits.
11. Consumer optimism: U.S. consumer sentiment unexpectedly surged to a 13-year high as Americans’ perceptions of the economy and their own finances rebounded following several major hurricanes, a University of Michigan survey showed Oct. 13.
12. Iran nuclear agreement: President Trump announced Oct. 13 he will not certify the Iran nuclear deal and vowed that the U.S. would pull out unless changes are made. He also unveiled a new strategy, the culmination of nine months of deliberation with Congress and allies, on how to best protect American security from the rogue mullah-led regime. The plan includes denying the regime funding and any paths to a nuclear weapon and ballistic missiles. The Department of the Treasury sanctioned more than 25 entities and individuals involved in Iran’s ballistic missile program. The U.S. also sanctioned 16 entities and individuals that have supported Iran’s military and Revolutionary Guard Corps in the development of drones, fast attack boats and other military equipment.
13. United Nations: The United States is quitting the United Nations’ Educational, Scientific and Cultural Organization. Heather Nauert, a State Department spokeswoman, announced the move will be made before the end of the year “This decision was not taken lightly, and reflects U.S. concerns with mounting arrears at UNESCO, the need for fundamental reform in the organization, and continuing anti-Israel bias at UNESCO.”
14. Homeland security: The Supreme Court dismissed a major challenge to President Trump’s travel ban on majority-Muslim countries Oct. 10 because it has been replaced by a new version, sending the controversy back to the starting block. The ruling is a victory for the Trump administration, which had asked the court to drop the case after Trump signed a proclamation Sept. 24 that replaced the temporary travel ban on six nations with a new, indefinite ban affecting eight countries. That action made the court challenge moot, the justices ruled.
15. EPA reform: Environmental Protection Agency Administrator Scott Pruitt announced Oct. 9 a new set of rules that will override the Clean Power Plan, the centerpiece of President Barack Obama’s drive to curb global climate change. The agency is moving to undo, delay or block more than 30 environmental rules, the largest regulatory rollback in the agency’s 47-year history.
16. Immigration: The Trump administration submitted to Congress Oct. 8 a 70-point proposal that calls for increased border security, interior enforcement of immigration laws and a merit-based immigration system. It includes funding and completing construction of a southern border wall, improving expedited removal of illegal aliens, protecting innocent people in “sanctuary cities,” ending extended-family chain migration and establishing a point-based system for green cards to protect U.S. workers and taxpayers.
17. Religious liberty: Attorney General Sessions on Oct. 6 issued guidance to all administrative agencies and executive departments regarding religious liberty protections in federal law in keeping with Trump’s May 4 executive order. The guidance interprets existing protections for religious liberty in federal law, identifying 20 high-level principles that administrative agencies and executive departments can put to practical use to ensure the religious freedoms of Americans are lawfully protected. Attorney General Sessions also issued a second memorandum to the Department of Justice, directing implementation of the religious liberty guidance within the department. Among the principles are “the freedom of religion extends to persons and organizations,” “Americans do not give up their freedom of religion by participating in the marketplace, partaking of the public square, or interacting with government” and government “may not restrict acts or abstentions because of the beliefs they display.”
18. Missile defense: The Department of Defense reprogrammed approximately $400 million for U.S. missile defense systems.
19. Religious liberty: The Trump administration expanded religious and moral exemptions for mandated contraceptive coverage under Obamacare. Obama’s signature legislation required that nearly all insurance plans cover abortion-inducing drugs and contraception, forcing citizens to violate sincerely held religious or moral beliefs, pay steep fines, or forgo offering or obtaining health insurance entirely. The interim final rules note that the United States “has a long history of providing conscience protections in the regulation of health care entities and individuals with objections based on religious beliefs and moral convictions.” The rule aligns with the U.S. Supreme Court’s unanimous ruling protecting the Little Sisters of the Poor, which says the government cannot fine religious groups for following their faith.
20. Immigration: Amid strong Democratic opposition, the House Homeland Security Committee gave first approval to the broad scope of President Trump’s border wall Oct. 4, clearing a bill that would authorize $10 billion in new infrastructure spending, new waivers to speed up construction, and 10,000 more border agents and officers to patrol the U.S.-Mexico line.
21. Space exploration: President Trump revived the National Space Council for the first time in 25 years to assist him in developing and implementing long-range strategic goals for the nation’s space policy. The pace program will refocus on human exploration and discovery. Vice President Mike Pence, who chaired the National Space Council’s Oct. 5 meeting, said the administration aims to establish a renewed American presence on the moon and from that foundation become the first nation to bring mankind to Mars. The administration also will renew America’s commitment to creating the space technology needed to protect national security. And Pence pointed out the intelligence community reports that Russia and China are pursuing a full range of anti-satellite technology designed to threaten our U.S. military effectiveness.
22. Abortion: The Office of Management and Budget on Oct. 2 issued a Statement of Administration Policy (SAP) to strongly support the Pain-Capable Unborn Child Protection Act (H.R. 36), which would generally make it unlawful for any person to perform, or attempt to perform, an abortion of an unborn child after 20 weeks post-fertilization.
23. Protecting life: The president issued a statement Oct. 1 renewing the nation’s “strong commitment to promoting the health, well-being, and inherent dignity of all children and adults with Down syndrome.” The president observed “there remain too many people – both in the United States and throughout the world – that still see Down syndrome as an excuse to ignore or discard human life.” He said Americans and their government “must always be vigilant in defending and promoting the unique and special gifts of all citizens in need” and “should not tolerate any discrimination against them, as all people have inherent dignity.”
24. Protecting life: The Department of Health and Human Services has published a draft of a new strategic plan that states in its introduction that life begins at conception. The personhood of the unborn child is central to the abortion debate — as even the justice who wrote the landmark Roe v. Wade opinion has acknowledged — because, if established in law, it would nullify a “right” to abortion. The largely overlooked HHS strategic plan for 2018-22 states the agency “accomplishes its mission through programs and initiatives that cover a wide spectrum of activities, serving and protecting Americans at every stage of life, beginning at conception.”
25. Tax reform: Trump is working with Congress to lower taxes by seven points for the middle class and lower business taxes to a 15 percent rate.
26. Lower courts: Trump is filling up lower courts with lifetime appointees. In the estimation of Democratic official Ron Klain, a “massive transformation is underway in how our fundamental rights are defined by the federal judiciary.” Klain, lamenting Trump’s moves, said the president “is proving wildly successful in one respect: naming youthful conservative nominees to the federal bench in record-setting numbers.” On Sept. 28, Trump announced an eighth wave of judicial candidates, with nine more names.
27. Canada trade: In September, the Commerce Department, siding with Boeing, slapped a 219 percent tariff on the import of Canadian-made Bombardier jets, arguing they are supported by subsidies from the governments of Canada and the U.K., creating an unfair market.
28. Korea trade: Trump began the process of renegotiating the United States-South Korea Free Trade Agreement in September.
29. Climate: In September, Trump shut down a climate-change advisory panel under the direction of NOAA, the National Oceanic and Atmospheric Administration, that critics have contended was formed largely to promote President Obama’s climate policies, arguing it lacked representation from “those who think the empirical evidence points to human actions contributing little to global warming and that attempting to reduce it would slow the conquest of poverty around the world.” The EPA also has decided not to renew the appointments of dozens of scientists on various scientific advisory panels.
30. Homeland security: In September, Trump signed an executive order to enhance vetting capabilities and processes for detecting attempted entry into the United States by terrorists or other public-security threats.
31. North Korea: After some 25 years of failed negotiations to contain Pyongyang’s nuclear program, the communist regime’s latest threatening actions were met by President Trump with a warning that military action, including a preemptive nuclear attack, would be considered. After Trump’s warnings, North Korean dictator Kim Jong Un backed off on his threat to attack the U.S. territory of Guam.
32. North Korea: On Sept. 7, the U.S. fully deployed the THAAD missile defense system to South Korea despite objections from Pyongyang’s chief ally, China.
33. North Korea: In September, Trump signed an executive order significantly expanding U.S. authority to target individuals, companies and financial institutions that finance and facilitate trade with North Korea, most of which are Chinese. Meanwhile, China’s central bank has ordered banks in its massive banking system to immediately stop doing business with North Korea.
34. United Nations: In his first speech to the United Nations General Assembly, Trump told the global body in September, “I put America first and you should do the same with your nations.” In the speech, he also explicitly denounced socialism and communism, pointing to Venezuela as an example of what happens when socialism is successfully implemented.
35. Immigration: President Trump, in September, rescinded Obama’s Deferred Action for Childhood Arrivals order, which gave de facto amnesty to some 800,000 people who came to the country as children with their illegal-alien parents. Trump delayed implementing his order for six months to give Congress time to come up with a legislative solution.
36. Stock markets: Through the first week of September, the Dow Jones Industrial Average had 34 record highs. From Election Day to the Inauguration, the Dow rose more than 1,500 points. It climbed another 2,500 points from Inauguration Day, reaching more than 22,400 in mid-September, a gain of more than $4 trillion in wealth since Trump was elected. The Dow’s spike from 19,000 to above 21,000 in just 66 days was the fastest 2,000-point rise ever. The S&P 500 and the NASDAQ also have set all-time highs. On Aug. 7, the Dow closed with an all-time high for the ninth day in a row, the first time the market has had a run of that length twice under one presidency.
37. North Korea: In August, the U.S. initiated a resolution in the U.N. Security Council establishing sanctions that would cut North Korea’s export revenue by a third. Another resolution passed Sept. 11 with new sanctions.
38. North Korea: The U.S. implemented its own sanctions in August on 16 Chinese and Russian individuals and entities for conducting business with North Korea.
39. Business optimism: In August, the National Federation of Independent Business said its Small-Business Optimism Index reached 105.3, the highest since 2006 and an 11 percent jump since the week before Trump was elected. The Wells Fargo/Gallup Small Business Index said small business owners are the most optimistic since July 2007. The Bloomberg Consumer Comfort measure reached a 16-year high, with current views of the economy also reaching a 16-year high. The Conference Board’s Consumer Confidence Index rose in July to near a 16 year high, with consumers short-term outlook improving.
40. Job growth: While the new administration certainly can’t take all of the credit – and the government itself doesn’t create jobs – employers make hiring decisions based on the long-term economic outlook, and the president has a great deal to do with that. The Bureau of Labor Statistics reported nearly 1.3 million new jobs were created during Trump’s first 200 days. Meanwhile, Obama, in his first six months, saw the loss of more than 4.1 million jobs in his first 200 days. The bureau said 6,000 construction jobs were added in July for a total of 82,000 since January. In addition, 16,000 manufacturing jobs were added in July, a total of 70,000 since January. The labor-force participation rate increased to 62.9 percent in July. In June, there were 6 million job openings in the U.S., one of the highest levels recorded.
41. U.S. manufacturing: During Trump’s first six months, the manufacturing index was the highest it had been since 1983 under President Reagan. The National Association of Manufacturers’ Outlook Survey showed the highest two-quarter average, of 91.4 percent, for manufacturing optimism in the survey’s 20-year history. The Institute for Supply Management reported its June barometer of manufacturing rose to 57.8, the fastest pace in three years.
42. China trade: The president signed an order in August to investigate Chinese theft of U.S. intellectual property. The IP Commission Report estimates that the annual cost to the United States economy from IP theft could be as high as $600 billion, with China as the major contributor.
43. Infrastructure: The Trump administration aims to dramatically reduce permitting time for projects from 10 years to two years, spurring investment and job creation.
44. Argentina trade: The U.S. struck a deal in August to export pork to Argentina that will allow U.S. pork to enter the Argentine market for the first time since 1992, a potential $10 million a year market for American producers.
45. Trade: More than $2 billion in fines were assessed to China and Canada in August for illegal trade practices.
46. Immigration: DHS in August ended the Central American Minors Parole Program that had allowed certain minors from El Salvador, Guatemala and Honduras to enter the U.S.
47. Immigration: A report in August said that due to reforms and additional hirings of immigration judges, the number of deportation orders increased by nearly 28 percent compared to the same period of time in 2016.
48. Immigration: In August, the government also said that of the 42,000 illegal immigrants in federal prisons, nearly all of them either had deportation orders or were being investigated for possible deportation.
49. Immigration: The U.S. Citizenship and Immigration Services in August denied requests from employers to import cheap foreign labor into the U.S. for high-skilled jobs if the employers could not explain why they wanted to pay a lower wage for such work.
50. Military: Trump elevated the Department of Defense’s Cyber Command to the status of Unified Combatant Command in August, demonstrating an increased focus on cyber security.
51. Military: In August, Trump directed the military not to move forward with a controversial Obama-era mandate to allow, for the first time, transgender individuals to be recruited into the armed forces.
52. Islamic jihad: In August, Trump presented in an address to the nation a new military strategy that put Pakistan on notice for supporting jihadists and warned Kabul it would no longer receive a “blank check,” moving the U.S. away from the Bush-era policy of “nation-building” and focusing on “killing terrorists.”
53. Veterans Administration reform: President Trump signed the Veterans Appeals Improvement and Modernization Act in August, streamlining the lengthy process that veterans undergo when appealing disability benefits claims with the VA. More than 470,000 veterans are awaiting decisions regarding their appeals. The Veterans Affairs administration is the first agency to post information on employee disciplinary action online.
54. Veterans Administration reform: The president signed the Harry W. Colmery Veterans Educational Assistance Act in August, which provides educational benefits to veterans, service members and their family members, including tuition, fees, books, housing and other additional costs.
55. Government reform: The president signed an executive order in August projected to save billions of dollars by streamlining and expediting the permitting process for infrastructure projects. The order establishes a two-year goal for the federal government to process all of the actions required by federal law for the environmental reviews and permits of major infrastructure projects.
56. Welfare reform: In August, the Department of Health and Human Services rescinded an Obama-era directive that had allowed states to request a waiver to ignore work requirements for the poor in order to receive welfare.
57. Welfare reform: In August, more than 1.1 million fewer Americans were on food stamps under President Trump, compared to the Obama administration.
58. Law enforcement: In August, the DOJ launched an opioid fraud and abuse unit to fight opioid prescription abuses.
59. Second Amendment: In August, the Justice Department terminated Operation Choke Point, an Obama program encouraging banks not to do business with “high risk” businesses, which was used to target gun dealers.
By Victor David Hanson | American Greatness
BY TYLER DURDEN
By this time last year, there were seven named storms in August, with four developing into hurricanes.
HOW IT STARTED: Global warming is killing the Great Barrier Reef, study says.
—CNN.com, April 18th, 2018.
—CNN.com, August 4th, 2022.
BY FLORIDA US CONGRESSMAN VERN BUCHANAN
When you look at who actually has student loans, the contrast is stark:
Under Biden's plan, that means plumbers are footing the bill for professors.
Worse, the president doesn’t even have the authority to wholesale wipeout loan debt, as he and Speaker Pelosi have even noted previously!
So much for the separation of powers.
That’s why I cosponsored the Student Loan Accountability Act which ensures that the secretary of education cannot unilaterally cancel student loans.
Read the editorial from the Wall Street Journal below and let your representatives in Congress know if you agree – taxpayers shouldn’t have to foot this $500 billion behemoth!
The Editorial Board
Well, he did it. Waving his baronial wand, President Biden on
Wednesday canceled student debt for some 40 million borrowers on no
authority but his own. This is easily the worst domestic decision of his
Presidency and makes chumps of Congress and every American who repaid
loans or didn’t go to college.
The President who never says no to the left did their bidding again with this act of executive law-making, er, breaking. The government will cancel $10,000 for borrowers making less than $125,000 a year and $20,000 for those who received Pell grants. The Administration estimates that about 27 million will be eligible for up to $20,000 in forgiveness, and some 20 million will see their balances erased.
But there’s much more. Mr. Biden is also extending loan forbearance for another four months even as unemployment among college grads is at a near record low 2%. Congress’s Cares Act deferred payments and waived interest through September 2020, but Donald Trump and Joe Biden have extended the pause for what will now be nearly three years.
The Administration is claiming, again, that this will be the last extension and is needed to help borrowers prepare to resume payments. But even if the Administration lets the forbearance end in December, about half of borrowers won’t have to make payments since their debt will be canceled.
Most of the rest will only make de minimis payments because Mr. Biden is also sweetening the income-based repayment plans that Barack Obama expanded by fiat. Borrowers currently pay only up to 10% of discretionary income each month and can discharge their remaining debt after 20 years (10 if they work in “public service”).
Democrats said these plans would reduce defaults. They haven’t. Federal student debt has ballooned because many borrowers don’t make enough to cover interest and principal payments, so their balances expand. Student debt has nearly doubled since 2011 to $1.6 trillion, though the number of borrowers has increased by only 18%.
Now Mr. Biden is cutting undergrad payments to a mere 5% of discretionary income. The government will also cover unpaid monthly interest for borrowers so their balances won’t grow even if they aren’t paying a penny. This will mask the cost to taxpayers of the Administration's rolling loan write-off. Student-loan debt won’t appear to swell even as it does. What a fabulous accounting trick.
The Penn Wharton Budget Model estimates that canceling $10,000 for borrowers earning up to $125,000 will cost about $300 billion. The Pell grant addition could increase this by as much as $270 billion. The four-month freeze on payments will cost $20 billion on top of the roughly $115 billion it already has.
The payment plan revisions could eventually add hundreds of billions of dollars more. An analysis commissioned by the Trump Education Department estimated that taxpayers would lose $435 billion on federal student loans, largely because borrowers in these payment plans on average were expected to repay only half of their balances. Now they will repay even less.
Worse than the cost is the moral hazard and awful precedent this sets. Those who will pay for this write-off are the tens of millions of Americans who didn’t go to college, or repaid their debt, or skimped and saved to pay for college, or chose lower-cost schools to avoid a debt trap. This is a college graduate bailout paid for by plumbers and FedEx drivers.
Colleges will also capitalize by raising tuition to capture the write-off windfall. A White House fact sheet hilariously says that colleges will “have an obligation to keep prices reasonable and ensure borrowers get value for their investments, not debt they cannot afford.” Only a fool could believe colleges will do this.
It’s important to appreciate that there has never been an executive action of this costly magnitude in peacetime. Not Mr. Obama’s immigration amnesties, not his Clean Power Plan, not Mr. Trump’s border-wall fund diversion. Nothing comes close to this half-trillion-dollar or more executive coup.
Congress authorized none of Mr. Biden’s loan relief and appropriated no funds for it. Progressives say the Higher Education Act of 1965 lets the Education Secretary “compromise” (i.e., modify) student debt. But the Federal Claims Collection Act of 1966 sets very limited terms and strict procedures for such “compromise.”
Even Mr. Biden said in December 2020 it was “pretty questionable” whether he had authority to cancel debt this way. The Supreme Court recently underscored in West Virginia v. EPA that Congress must provide clear authorization to agencies taking action on major questions. Canceling so much debt is beyond major to a mega-ultra-super question.
With the cancellation precedent, progressives will return to this vote-buying exercise every election year. The only antidote will be if Democrats conclude this gambit boomeranged politically by mobilizing an opposition coalition of Americans who are tired of being played for saps by progressives. The test arrives in November.