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    Friday, June 6

    Reminder: Biden’s Student Loan ‘Forgiveness’ Scheme Is Illegal and Profoundly Unfair

    Updated: US News No Comments

    Hillary Clinton must have been confounded by President Biden’s return to Wisconsin on Monday. While in the Badger State, the president boasted that he’d decided not to let an undesirable Supreme Court decision stop him from pursing a policy of punitive student loan debt “forgiveness”, which is a naked, unabashed, and immoral 2024 vote- buying scheme aimed at specific younger voters. His earlier attempt to ascribe illegal power in this manner was turned down by the Court. &nbsp, Round two is just as officially uncertain, as the Wall Street Journal’s editors explain— and request a great question about violent threats to our republic’s instutions:

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    Mr. Biden’s novel strategy eliminates accrued interest on loans for some 23 million consumers. Some loan balances have ballooned due to interest that accumulates on unpaid balance due to genereral repayment plans that cover monthly repayments at a de minimis reveal of income. This is a key reason student loan has exploded… Mr. Biden’s past payment plans prevent attention from compounding, eliminating the consequence for not making full and normal payments. Additionally, borrowers wo n’t have to pay interest that they’ve already racked up, which could total hundreds of billions of dollars. Would n’t Americans enjoy rewriting the interest that accrues on credit cards as well? By canceling funding on the installment plan, the Administration is largely turning school into an open-ended, taxpayer-financed rights. It also boasts that, through more than two hundred senior actions, it has already approved$ 146 billion in student debt relief for 4 million Americans. That’s$ 36, 500 per borrower. It’s good to be the King. &nbsp,

    The Supreme Court ruled last year that Mr. Biden’s cancelation of$ 10, 000 to$ 20, 000 per borrower exceeded his authority under the 2003 Heroes Act, which allows the executive to “modify” loan terms in an emergency. The Administration “modified” loans, Chief Justice&nbsp, John Roberts &nbsp, wrote, in the” same sense that’ the French Revolution” modified” the status of the French nobility.'” Mr. Biden’s new loan forgiveness is still illegal. The High Court emphasized that a significant issue requiring clear congressional approval is student loan forgiveness. However, Mr. Biden appears to believe that by automatically forgiving debt before a judge has the right to halt him, he could stifle proceedings. &nbsp, The White House says most borrowers wo n’t even have to apply for loan relief. Sometime before the November election, Mr. Biden will simply declare their debt forgiven. That implies that a future Congress and a Trump administration might not be able to reverse the unlawful act. Where can journalists reprimand those who criticize a president who threatens democracy?

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    Many on the left, including journalists, do n’t really care about norms, institutions, or laws that hinder their ideological project, as is customary. When political forces they oppose are perceived as undermining “democracy” or the rule of law, they go on the record, but when their allies are the ones who are at fault, they have little to say. In fairness, some do n’t remain silent. No, they actively and wilfully engage in pro- lawlessness propaganda:

    Do n’t spend too much time thinking about how loans operate or how the main component of such arrangements is the borrower’s legally binding obligations to repay the borrowed funds. Think about greedy banks, or whatever. Putting aside the illegality of it all, do n’t think about how unfair a taxpayer backstop for alleged “forgiveness” would be to the vast majority of Americans who have no student loan debt:

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    Why should someone who never went to college contribute in any way to a politician’s “forgiveness” of other people’s student debt? Why should someone who made responsible choices, such as switching to a more expensive school or working to pay back their own debt, be held accountable for other people’s less wise choices? It’s profoundly unfair. In the aggregate, it’s a transfer of wealth from less affluent Americans to more affluent ones, with higher long- term earnings capacity, thanks to their degrees ( and if they chose to spend a boatload of money they do n’t have on degrees that do n’t enhance their future income prospects, that’s on them ). Biden is attempting to compel working Americans without degrees to bail out disproportionately wealthy individuals who signed agreements to pay off loans relating to education. &nbsp,

    The Journal editorial above makes up my point about Biden’s maneuvering pouring gasoline on that inflation, especially in graduate programs for which there are no federal loan limits, despite all the hand-wringing about the truly insane explosion of costs in higher education ( some colleges are approaching$ 100, 000 per year ). Who cares if students ca n’t repay? They will be forgiven one way or another”. &nbsp, But Biden, 81, does n’t care about college costs ballooning out of control. &nbsp, He does very much care about his shaky re- election prospects. &nbsp, Then there is this very dumb argument from the administration:

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    My response, which– again– Team Biden would prefer people not think about:

    I’ll leave you with this classic ( and correct ) 2021 banger from Pelosi:

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