With Whose Money, Mr. President?

In breaking news, President Biden just announced he's canceling student loan debt for potentially millions of Americans. What are the details and how will this affect you?
Just this morning President Joe Biden announced his plan to forgive $10,000 in federal student debt for individuals earning less than $125,000 a year. The President’s plan will also forgive up to $20,000 in debt for borrowers who received a Pell Grant.
Debt forgiveness is a polarizing issue for sure. There are those who say, “I paid off my student loans, let everyone else pay back theirs.” And there are those who believe that saddling young people with so much debt over so many years and then sending them out into the workforce at an entry-level salary makes it impossible to flourish and attain their share of the American dream.
Regardless of where you fall in that debate, the reality is those federal student loans create revenue for the government. Who do you think the federal government will look to in order to replace that lost revenue? I asked ACLJ Senior Counsel for Global Affairs (and former Secretary of State) Mike Pompeo for his take on the Biden proposal, and how he sees this move to forgive student loans affecting working Americans, some of whom never even went to college.
Secretary Pompeo offered his unique perspective:
"This is insane. This is pure politics. This is, your point, this is about buying election votes for the Elizabeth Warren – AOC wing of their party. They think they’ll go run on this and they’ll have more power. So in the end this is about power. Your point is well taken, everybody who took that student loan did so voluntarily. They knew exactly what they were going to have, they knew what their payment requirements were going to be, and in America that’s what we do. Right? If you make a commitment you live up to it. Now the Biden Administration is saying no you’re a child, you’re an infant, you’re not smart enough to make your own decisions and to repay the loans that you decided to take out. They treat them like somehow somebody foisted this loan, forced them to take it."
As Sec. Pompeo brought up, it’s simply wrong to ask a machine operator in Kansas to pay for some young person’s degree.
Today’s full Sekulow broadcast includes more discussion of the President’s announcement and possible outcomes while we await more details from the White House later today, and more with Sec. Mike Pompeo, as well as ACLJ Senior Advisor for National Security and Foreign Policy Ric Grenell.