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February 28, 2024

In Brief: Biden’s Absurd Student Loan ‘Solution’

Not that anyone can blame him — it’s a political win-win for the White House.

Joe Biden brags that he’s up to $138 billion in student loans forgiven transferred to non-borrowers. He boasted that even the Supreme Court “didn’t stop me.” Former federal prosecutor and U.S. Army combat veteran Joseph Moreno weighs in on the scam.

You’ve got to hand it to President Biden — when he puts his mind to something he doesn’t let mere semantics like the rule of law stop him. …

It’s not that anyone can blame him, because it’s a political win-win for the White House.

There are no banks complaining, because once the Obama administration nationalized the student loan industry, the federal government took over the role of lender. The education industry is happy because with minimal borrowing limits and the ever-present promise of future student relief, they have no reason to control costs that have been climbing for decades. American taxpayers may grumble initially, but will likely lose interest because it will not hit their pocketbooks directly. These student loan write-offs will be piled atop the nation’s gargantuan national debt, which at this point has broached $34 trillion with no end in sight.

That doesn’t mean Biden has done the legal or right thing. Moreno continues:

Constitutional Law 101 taught us that the power of the purse belongs to Congress. Biden is not only obliterating the separation of power between the legislative and executive branches of government, he is abusing his limited statutory authority and essentially daring the judiciary to step in again and stop him.

The Supreme Court struck down his use of the 2003 HEROES Act, which was obviously never intended for such income redistribution, and he’s now proceeding under the guise of the “Saving on a Valuable Education” (SAVE) program. His legal standing is no better, but it might be harder to stop him.

Moreno concludes:

Joe Biden may market himself to blue-collar voters, but his actions betray where his loyalties reside. These student loan bailouts are nothing more than a lawless sop to the upper class who will vote for and contribute to the Biden campaign. Meanwhile, they do nothing for struggling Americans and drive up the national debt for future generations to grapple with.

If Congress will not step up to assert its legislative authority, let’s hope the Supreme Court again wades in. Otherwise these executive overreaches will only continue, and when power ultimately changes Democrats will rue the day they failed to keep their coequal branch in check.

Spectator subscribers can read the whole thing here.

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