On Wednesday, the United States Supreme Court threw a roadblock in front of the Biden/Harris administration’s vote-buying student loan forgiveness scheme.
The Supreme Court on Wednesday kept on hold the latest multibillion-dollar plan from the Biden administration that would have lowered payments for millions of borrowers, while lawsuits make their way through lower courts.
The justices rejected an administration request to put most of it back into effect. It was blocked by 8th U.S. Circuit Court of Appeals.
In an unsigned order, the court said it expects the appeals court to issue a fuller decision on the plan “with appropriate dispatch.”
This unconstitutional scheme, in effect, abrogates centuries of contract law. These young skulls full of mush signed contracts. The terms were spelled out in those contracts, including repayment terms and payment amounts. The only people responsible for repaying these loans are the people who signed the contracts. If they used the money from those loans to obtain an Underwater Ethnic Dog-Polishing Studies degree and now can’t find a job that doesn’t involve asking, “Do you want fries with that,” well, that’s not the taxpayers’ problem. But Joe Biden and Kamala Harris want to make it our problem.
The Education Department is seeking to provide a faster path to loan cancellation, and reduce monthly income-based repayments from 10% to 5% of a borrower’s discretionary income. The plan also wouldn’t require borrowers to make payments if they earn less than 225% of the federal poverty line — $32,800 a year for a single person.
Last year, the Supreme Court’s conservative majority rejected an earlier plan that would have wiped away more than $400 billion in student loan debt.
As my Grandpa would have said, wait just one doggone minute here. These loans aren’t being “canceled.” The liability to those loans is instead being transferred to the U.S. taxpayers. The money was already disbursed. It’s already been spent. It has to be repaid. And Joe Biden and Kamala Harris, in a transparent vote-buying scheme, want the taxpayers on the hook for it. The plan won’t “wipe away” debt. It just sticks us productive citizens with the check.
These students are in much the same position as the “dine and dash” criminals who eat a big, fancy restaurant meal and then run without paying — only now the restaurant wants the rest of the people in the establishment to chip in to make up the loss. At least the Supreme Court seems, again, to be willing to put a stop to his lunacy.
Previously on RedState: Another Blow to Joe: Appeals Court Blocks Biden Student Loan Plan
Dem Staffer Brags That Biden Bought His Vote With ‘Canceled’ Student Loans, Gets Wrecked in Response
As I have written before, I have a better answer for this mess.
Privatize the financing of education. Make every student who needs to borrow money for college go to a private lending institution, present their academic and work history to that point, and present their degree goals and prospects for employment once they have obtained that degree. That private lending institution will either grant or deny that loan based on the chances of it being paid back. That will not only clean up a lot of this mess, it will delete, very quickly, the legions of horse-squeeze “Studies” degrees that infest college campuses these days, because not one private institution of lending would loan one thin dime to any young dimwit pursuing such a degree.
I realize, of course, that I may as well ask for the moon and the stars while I’m at it. But at least we have a little good news from the Supreme Court that now, for a while at least, one piece of particularly egregious stupidity has been put on hold.
