At LewRockwell.com, Dr. Ron Paul, former congressman and presidential candidate, makes a powerful case that the Supreme Court could deny Joe Biden the right to unilaterally spend hundreds of billions of dollars canceling student loan debts. Paul writes:
Last week, President Biden announced he is creating a new program forgiving 10,000 dollars of student loan debt for those with income under 125,000 dollars a year. The amount rises to 20,000 dollars for borrowers who are Pell Grant recipients.
Biden flip-flopped on the issue as he previously denied that the president has the authority to create a new student loan debt forgiveness program. He now claims a 2003 law allowing the Education Department(Let’s get rid of the Dept of Ed)( to waive or modify provisions of federal student financial assistance programs to help students affected by war, other military operations, or a national emergency gives him the authority.
Biden says debt forgiveness is necessary because of a continuing covid national emergency.
It seems odd that Biden would claim covid is a national emergency when even the Centers for Disease Control (CDC) has stopped recommending lockdowns, masks, and “social distancing.”
Given the Supreme Court’s recent decision narrowing the scope of a federal agency’s ability to unilaterally enact major new policies based on limited grants of authority, it is a definite possibility that the courts will overturn the student loan forgiveness program.
The student loan forgiveness will add between 300 and 500 billion dollars to the national debt.
Dr. Ron Paul, Ron Paul Institute
Read more here.
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