Staff Reports
President Biden’s recent visit to Wisconsin must have stirred up some confusion within Democratic circles, especially for Hillary Clinton. The president took the opportunity to boast about his latest plan to pursue unilateral student loan debt “forgiveness,” despite facing opposition from the Supreme Court. This shameless ploy is nothing but a blatant attempt to buy votes for the 2024 election. The president’s previous attempt to seize illegitimate power in this manner was firmly rejected by the Court, and his latest maneuver is equally legally dubious.
Under Mr. Biden’s new plan, accrued interest on loans for approximately 23 million borrowers would be eliminated, with repayment plans designed to cap monthly payments at a minimal share of income. However, these lenient repayment terms have caused many loan balances to swell due to accumulating interest on the unpaid balances, contributing to the explosion of student debt. By eliminating interest that accrues on unpaid balances and approving billions of dollars in student debt relief through executive actions, the administration effectively transforms college education into an open-ended, taxpayer-funded entitlement.
Reminder: Biden's Student Loan 'Forgiveness' Scheme Is Illegal and Profoundly Unfair
https://t.co/WL0kuIBm1r— Townhall.com (@townhallcom) April 10, 2024
Furthermore, the Supreme Court ruled last year that Mr. Biden’s attempt to cancel $10,000 to $20,000 per borrower exceeded his authority under the 2003 Heroes Act. The Court emphasized that student loan forgiveness is a significant issue requiring clear authorization from Congress. Despite this clear legal boundary, the Biden administration seems determined to bypass the judiciary by automatically forgiving debt without due process, preventing any future reversal by Congress or a potential President Trump.
The administration’s reckless actions have drawn criticism from some on the left, with many journalists and political allies turning a blind eye to the legal and ethical implications of Mr. Biden’s unilateral decision. The policy’s unfairness doesn’t end there, as the majority of American adults who do not hold student loan debt would also bear the burden of financing the “forgiveness” of others’ loans. This redistribution of wealth from responsible citizens to less prudent individuals who chose to accumulate significant debts for their education is profoundly unjust and unreasonable.
Moreover, the administration’s claim that loan forgiveness is comparable to other emergency relief programs, such as the PPP, is a flawed and misleading argument. The differences between forgiving PPP loans and student loans are vast, making such comparisons baseless and invalid. Despite the overwhelming challenges facing higher education with skyrocketing costs, Mr. Biden’s hasty maneuver will only further inflate college expenditures. This approach not only overlooks the real issues at hand but exacerbates the problem by encouraging colleges to raise costs, especially in graduate programs with no federal loan limits.
In summary, President Biden’s unlawful scheme to forgive student loan debt is a reckless and self-serving move aimed at securing his reelection prospects. His disregard for the rule of law and the long-term consequences of his actions exposes the true nature of his administration’s agenda. As Americans grapple with the burden of student debt and the escalating costs of higher education, it is essential to hold the president accountable for his irresponsible and constitutionally questionable actions.
