Arrr, me hearties! Biden be bendin' the rules, lootin' student loans without a care. 'Tis a scurvy move, mateys!
2023-08-16
Arr, me hearties! Ol' Biden be pushin' his college debt handouts like a scurvy pirate seekin' hidden treasures. But alas, these workarounds be violatin' the very spirit, if not the letter, of the Supreme Court's decision that his original plan be a grand act of executive overreach!
President Biden is defying the Supreme Court's ruling against his $430 billion student loan bailout, advancing alternative plans that violate the spirit of the court's decision. This is not surprising, as he previously stated that he would not let the separation of powers hinder his debt cancellation plans. Biden is advancing two student loan bailout alternatives and a grace period for borrowers restarting payments after a pandemic-related break. These actions contradict the Supreme Court and Congress. In July, he announced that nearly one million borrowers would have $39 billion of student debt forgiven through a recalculation of income-driven repayment plans. This recalculation allows borrowers to count the period when payments were in forbearance or deferment toward their IDR payment period. Biden is also expanding the IDR program itself under his SAVE plan, which would cancel loan balances for borrowers who make less than 225% of the federal poverty line. This plan would cost $475 billion and allows higher earners to make minimal monthly payments before their remaining balances are forgiven. Biden is bypassing the will of Congress by implementing forgiveness programs and grace periods that go against legislation. These actions not only constitute executive overreach but also fail to address the underlying issue of colleges overcharging students. To fix the debt crisis, colleges must be held accountable. Lastly, Biden plans to announce another debt forgiveness plan in the future, which will likely be seen as executive overreach. His disregard for the Supreme Court's ruling and Congress' will threatens the American system of divided government.