Biden’s student loan debt transfer is an unprecedented abuse of executive authority, write ChuckGrassley and SenRobPortman. This is avoidable, and it’s yet another example of how the Biden administration is ignoring the needs of working class Americans.
ast week, President Joe Biden, without authorization from Congress, announced he plans to transfer roughly $500 billion worth ofdebt from the borrowers who took out the loans to hardworking taxpayers across the country. Other presidents, Republicans and Democrats, have attempted to overstep their authority, and we have never been shy about criticizing them.
In our system of checks and balances, this major decision regarding loan forgiveness must be made through the legislative process, not the stroke of a pen at the White House. It’s often said that Congress doesn’t hide elephants in mouse holes. Estimates of the cost of this program range from $500 billion to $1 trillion. For days, the White House refused to release an estimate, claiming they didn’t even know how much this would cost taxpayers.
Taxpayers will pay for this action, both by paying down debt and through increased inflation. Biden’s debt transfer will raise expectations of debt forgiveness, encouraging borrowers to take out more loans and giving colleges the green light to raise tuition even more. All of this is inflationary.
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