Biden’s Spending Spree Continues With More Student Debt Cancellation

President Joe Biden announced on Tuesday that he has unilaterally decided to cancel another $6.1 billion in student debt as his poll numbers plummet.

[RELATED: CNN Poll Puts Trump Significantly Ahead of Biden…]

During the announcement, President Biden criticized former president Donald Trump for failing to cancel debt during his term, stating that colleges were “defrauding” students.

“While my predecessor looked the other way when colleges defrauded students and borrowers, I promised to take this on directly to provide borrowers with the relief they need and deserve,” said Biden.

The latest cancellations affect 317,000 students who attended college at the Art Institutes network of schools between January 1, 2004, and October 16, 2017.

All schools in the network, which at its peak maintained 50 campuses across the country, abruptly shut down in September, giving students less than a full week’s notice of the closure.

Biden argued that, because the institutions closed abruptly, students were owed debt cancellation by the government, despite the fact that the debt will ultimately be paid by taxpayers who had no hand in the school’s misconduct.

“This institution falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies,” said Biden.

In 2014, the Art Institutes were forced to pay a settlement in San Francisco, California, after they were found to be advertising lower prices and higher job placement rates than the school could provide.

The school also had a history of mismanaging government funds meant to go to students.

In 2022, a class action suit was brought by borrowers against numerous colleges, including the Art Institutes, demanding debt cancellation over alleged fraud, and, in that case, SCOTUS approved the $6 billion in debt cancellation.

That money, however, was approved for the forgiveness of students from 153 institutions, and SCOTUS did not sign off on the $6.1 billion in cancellations for the Art Institutes alone.

Tuesday’s debt cancellation is just the most recent in a string of student loan forgiveness measures that Biden has announced, despite a previous SCOTUS ruling halting the cancellations.

The recent announcement adds to the 37 million debtors who have already received some level of relief from the president’s campaign.

[RELATED: Defying SCOTUS, White House Decrees “Student Loan Forgiveness” in Election Year Ploy…]

The Biden Administration has been on a massive spending spree in recent months, with this $6.1 billion in relief falling shortly after Biden signed a highly controversial $95 billion foreign aid package.

The president has not discussed the tax impact on everyday Americans from his spending spree but has recently reiterated claims that no American making under $400,000 would see their taxes increase during his administration.

Biden’s spending spree, and his efforts to cancel as much student debt as possible, come as his poll numbers have plummeted.

A recent poll from left-wing media outlet CNN shows that President Trump has a significant lead over Biden, particularly if third-party candidates are factored in, with 42 percent saying they support Trump compared to only 33 percent who would vote in favor of Biden.