Biden’s payoff to white, privileged rich people in the form of so-called “debt forgiveness” was rejected by the Supreme Court. At one point, Joe Biden said he knew it was unconstitutional.
The facts in the following report are based on a report from the NY Times but includes opinion.
The proposed debt cancellation of more than $400 billion would have been one of U.S. history’s most expensive executive actions. It affected tens of millions of borrowers. Some poor truck driver in Arkansas or a teacher in Wisconsin would have paid off the college loans of mostly rich, white people who went to fancy colleges.
The Supreme Court ruled on Friday that the Biden administration had overstepped its authority with its plan to wipe out more than $400 billion in student debt.
The Times claimed it put restrictions on the power of the executive, but the Court is saying he never had this power.
Without going through Congress, using an executive order, he just decided he’d take taxpayer dollars and pay off the loans.
More than 45 million people across the country owe $1.6 trillion in federal loans for college, according to government data, and the proposed debt cancellation, announced by Mr. Biden last summer, would have been one of the most expensive executive actions in U.S. history.
The problem is the colleges’ penchant for raising tuition, overpaying some of the staff, especially the upper echelon, adding nonsense programs, and knowing there is endless grants available to students. Will any of these colleges with huge endowments use the money for the students? For example, Harvard has a $60 million endowment just sitting in banks. They could ease the burden, and that’s what they are legally supposed to do with endowments.
Biden promised in August to forgive $10,000 in debt for individuals earning less than $125,000 per year, or $250,000 per household, and $20,000 for those who received Pell Grants for low-income families. That was during the pandemic.
Nearly 26 million borrowers have applied to have some of their student loan debt erased, with 16 million applications approved. But no debts have been forgiven or additional applications accepted in light of the legal challenges.
Most Expensive Executive Action in US History
One of the most expensive executive actions in U.S. history is ended, and the left is already infuriated because the Democrat Party left is Marxist.
Yesterday, the most abnormal president in US history said the Court is not a “normal court.” Any time the left doesn’t get their way, they say it’s because the other side is wrong. They now want to blow up the Court by stacking the deck with leftist Justices they appoint.
Biden will make one of his divisive teleprompter speeches!
White House officials said Mr. Biden would denounce the court ruling in remarks later today and would “announce new actions to protect student loan borrowers.”
He is probably going to defy the Court by circumventing the ruling.
Chief Justice Roberts wrote the 26-page opinion, and Justice Amy Coney Barrett wrote a concurring opinion. Justice Elena Kagan wrote the dissent, saying the court exceeded “its proper, limited role in our nation’s jurisprudence.”
The Times listed six ways students can get their loans forgiven.
It’s not forgiveness. It’s about making people pay for other peoples’ educations without any of the benefits.