In the bewildering carousel of Joe Biden’s plans to cancel student loan debt, it feels like taxpayers are being taken for a ride—one where the cost of admission keeps skyrocketing with every spin. Biden’s administration, now on its third iteration of trying to ensure we foot the bill for others’ choices, seems hell-bent on pushing through their agenda, ignoring the Constitution and common sense.
Back in August 2022, Biden kicked things off with a bang, proposing to erase up to $20,000 in student loan debt for borrowers under a certain income threshold. A move that would’ve cost the American taxpayer a staggering $600 billion, roughly translating to an additional $2,000 burden per taxpayer. Thankfully, the Supreme Court stepped in to remind Biden that, contrary to his belief, there’s a line he can’t cross with executive authority.
But did that stop him? Of course not. Biden, with a flick of his administrative magic wand, concocted a new scheme under the guise of an Income-Driven Repayment (IDR) overhaul. Suddenly, paying off a student loan in full was set to become as rare as a bipartisan agreement in Congress. And now, with his third attempt, Biden is pushing forward with yet more categories for loan cancellation, including for those who’ve merely faced “hardship” – a term so vague it could mean just about anything.
This isn’t just a misuse of executive power; it’s a slap in the face to every American who scrimped, saved, and sacrificed to pay off their own loans, or who chose not to go to college to avoid debt in the first place. It’s a policy that does nothing to address the root problem: the skyrocketing cost of higher education fueled by these very handouts.
What’s more, this move doesn’t just “cancel” debt—it shifts it from the borrower to the American taxpayer, including those who never stepped foot in a college classroom. And let’s not forget, this is happening as our national debt balloons and inflation continues to squeeze American families.
Biden’s relentless pursuit of student loan cancellation, through any means necessary, isn’t about fairness or fiscal responsibility; it’s a transparent play for votes, doling out taxpayer dollars in the hopes of securing electoral support. It undermines the value of personal responsibility and the principle that a deal is a deal.
It’s high time we confront the reality that Biden’s student loan forgiveness fiasco is more than just financial folly; it’s a dangerous precedent that chips away at the foundational principles of our republic. As taxpayers, it’s our duty to hold this administration accountable and demand policies that address the cost of higher education without burdening future generations with insurmountable debt.
