ICYMI: “Biden’s Eternal Emergency”
WASHINGTON, D.C., November 28, 2022
Taxpayers just can’t catch a break under the Biden administration. Last Week, President Biden extended the student loan repayment pause—again. The administration is bending over backwards to satisfy far-left interest groups instead of American taxpayers.
Millions of Americans never took out federal student loans or scrimped and worked to pay off their loans. Eighty-seven percent of Americans do not have federal student loans, and more than 60 percent of Americans don’t have a college degree—but they are being asked to foot the bill for an increasingly expensive federal student loan program.
In Case You Missed It via The Wall Street Journal, the Biden administration is costing taxpayers billions EVERY month because of its student loan payment pause. This administration claims it delivered “breathing room” to Americans, but its policies are suffocating taxpayers.
Student Loans: Biden’s Eternal Emergency
By The Editorial Board
November 22, 2022
The Biden Administration on Tuesday canceled tens of billions of more dollars in student debt on the sly by extending its payment and interest moratorium for the umpteenth time. Who knows if or when borrowers will have to make payments again.
…“It isn’t fair to ask tens of millions of borrowers who are eligible for relief to resume their student debt payments while the courts consider the lawsuit,” President Biden said. So the payment pause that the Administration earlier claimed was needed to give borrowers time to prepare to make payments is now needed so they can prepare . . . not to make payments.
The Administration last extended the moratorium through December when it announced its student loan write-off in August. Few borrowers needed it. …
Yet it has also cost taxpayers $155 billion to date since interest isn’t accruing on student debt that Uncle Sam is financing with debt that carries increasing interest rates. This latest extension would start in January, and if the litigation isn’t ended by June 30 payments would be delayed for another 60 days after that. This could cost another $40 billion.
None of this money has been appropriated by Congress. The Administration cites the same legal justification—the 2003 Heroes Act—for extending the payment moratorium as it has for canceling debt outright. …
The Administration’s unilateral claim of a never-ending Covid national emergency to provide sweeping student loan relief deserves to get slapped down as the abuse of power it is.
Read the full op-ed here.