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Student Loan Forgiveness Meets the Rule of Law

Star Parker on

President Joe Biden's $400 billion 2022 election bribe -- also known as student loan forgiveness -- has been now stopped in its tracks on two fronts.

First, in Texas, federal district court Judge Mark Pittman, one of nearly 300 federal judges appointed by former President Donald Trump, ruled the initiative unconstitutional. The judge rejected Biden's claim that the 2003 Heroes Act gives him authority to wipe out these loans. That act, per the judge, was about loan assistance for military personal during war or other emergencies.

The lawsuit was filed by the Job Creators Network Foundation on behalf of two students holding loans that did not qualify for the relief, demonstrating the inequities of the initiative and the failure to provide the usual comment period for citizens to voice concerns.

Now, in response to six states that have sued challenging the legality of this loan forgiveness program, a federal appeals court has issued an injunction blocking the program from moving forward.

The Wall Street Journal has called this loan write-off measure "the largest presidential abuse of power in decades."

I have already written about the folly of this loan forgiveness program.

 

Private debt markets in our country work extremely well regarding loan management and defaults. The problems arise -- excessive defaults -- when government gets in the business of providing loans, which are inevitably constructed and targeted with political objectives.

And, these student loan programs simply exacerbate the real problem, which is runaway costs of college education. Over the last 20 years, escalation of the cost of college tuition and textbooks have been more than twice the national average inflation rate.

Universities are essentially being subsidized by government programs designed allegedly to help students get higher education.

But this massive loan forgiveness initiative is also an example of the crass political opportunism that inevitably follows from the accumulation of government power.

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