Listen, I'm a political atheist. I became one after hearing Gerald Celente of the Trends Research Institute on a podcast while I was in undergrad at UNC-Fayetteville State University. What this means is that I don't worship or bow down to any political party. I vote according to my interest (if there was really someone to actually vote for). But still, even though I don’t vote, I actually listen to every political candidate that I can, especially on the presidential campaign trail. Before President Biden took office in 2021, he stated that he would cancel student loan debt. It was at that point he caught my ear - and I just had to listen to what he had to say. As he began to speak more on the topic of canceling student loan debt, I made up my mind to listen to every speech that he would make from that point on concerning this matter.
It's now 2023, and today he has not cancelled student loan debt like he said he would. See, like most people, when I hear the word “cancel” that means to cease all activity, to cut off completely, to stop, or to stop all payments on a debt in this case. That’s what I and millions of other Americans heard on live television prime time on multiple occasions. And to date, Joe Biden has done nothing to keep his word to the American Public. First it was “cancel student debt”. Then a couple years later he said he’d cancel up to $10,000 of federal student debt.
Wait - that's different. That’s not a cancellation in the books of the American People, that is a discount. The people that voted for President Biden voted for him based upon his talking points and one of those talking points was that he was going to cancel student loan debt. But I highly suspect he won't because he can't. The reason why he can't is because all student loan debt is not owned by the federal government. Secondly, it would be a violation of the 5th Amendment which states:
“No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a grand jury, except in cases arising in the land or naval forces, or in the militia, when in actual service in time of war or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.”
The statement in the 5th Amendment as it pertains to the cancelation of student loan debt is:
“Nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.”
A corporation is a legal person, debt even though it is a financial instrument is actually considered privately owned property by the debtor. Furthermore, it cannot be taken by the federal government which serves the people without paying the debtor for their loss. The question is how much is the debtor’s lost?
1.7 trillion (and counting).
But Joe Biden could actually “cancel” student debt. And this could be achieved by putting a down payment on the debtor’s books instead of sending billions to Ukraine.
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