Biden’s audacity in forgiving student loans!

We’ve never been in favor of Joe Biden electoral promise to cancel or reduce federal student loan debts that was killed by the Republican leaning Supreme Court last Friday. 

We had two children and paid most of their college education to the tune of several hundred thousand dollars, both of our them took additional loans for them and their spouse and repaid them as they should have. 

We felt it wasn’t right and justifiable to make a gift to some, while others just paid their contractual obligation, even if that was made under the guise of further softening the effects of the pandemic on that particular group of people. 

In fact, there’s never been a better time for college educated youngsters to get a good paying job, if they feel like working. The cost of the loan forgiveness, $400 billion we don’t even have, was gigantic and would have set a precedent making a mockery of the obligation represented by this kind of debt. 

Biden can now claim that he is unhappy with the ruling, but still looks like the “good guy” and won’t see any negative consequences on his reelection, while the results are not so pretty for the right as the 2024 election looms large.

While it’s hard to remove the politics from its decision, the Supreme Court maintained that the administration needed Congress’ approval before undertaking such a costly program and rejected the arguments that a bipartisan 2003 law dealing with national emergencies, known as the HEROES Act, gave Biden the power he claimed.