President Joe Biden’s student loan “cancellation” scheme is impolitic, unfair, expensive and irresponsible. The price tag will be about a half trillion dollars. Most of that money will go to upper income households.
Who will pay for it? It will cost the average taxpayer over $2,000, and most of those are people who never went to college, never borrowed money to go to school, or responsibly repaid their loans.
There are other problems as well. The move will fuel inflation and almost certainly encourage universities to hike their prices even higher. (RELATED: CARTER And PIDLUZNY: Student Loan ‘Forgiveness’ — Another Slight To Blue-Collar Workers)
And then there’s the legal question. It is unclear how the executive branch of government can even do this constitutionally. What authority does a president have to unilaterally tear up legally binding financial agreements and then shackle unwilling taxpayers with the fallout?