Supreme Court Strikes Down Joe Biden’s Student Loan Forgiveness Plan

The United States Supreme Court just threw out the Biden administration’s plan to cancel $430 billion in student loan debt. The plan would have forgiven at least $10,000 in federal student loan debt for single borrowers making up to $125,000 per year and married couples making up to $250,000 per year. This figure would have increased to $20,000 if the borrower received Pell Grants.

The court’s six conservative justices ruled on June 30 that such forgiveness had not been authorized under existing law, therefore Joe Biden would have to go through Congress to legally enact it.

Taxpayer burden: Many of the 26 million borrowers who applied for student loan forgiveness are upset at the Supreme Court’s decision. Yet those without student loan debt are elated.

A Newsweek analysis of Biden’s plan found that it would cost each individual taxpayer $2,730 to fund ($91 per year for 30 years). Obviously, paying $2,730 instead of $10,000 is a good deal for those who qualify for student loan forgiveness. But the arrangement is horrible for those without such debt. Why should a semi-truck driver have to pay extra taxes for activists to get a free gender studies degree?

Entitlement addiction: Ancient politicians bought citizens’ votes with cheap food and entertainment. Even though this practice contributed to the decline and fall of the Roman Republic, modern politicians still use it. The late Herbert W. Armstrong drew parallels between the collapse of Rome and the prophesied collapse of America. He wrote in 1956:

Just before Rome collapsed, there was a rapid increase in taxes. Rome had grown fat and prosperous; and people sought leisure, less work, more play, idleness, and as they shirked worked, they began to look to the government to provide. Today, we call it doles, relief, pensions and government aid. When any nation begins to look to its government to provide, that nation is on a greased toboggan-slide to decay and oblivion. It brought about the fall of Rome. It brought about the fall of proud Babylon long before. And it’s bringing about the fall of America today.

Learn more: Read “The Party and the Crash.”