Biden is robbing taxpayers of $40 billion to prop up student loan scam

The Biden administration’s frivolous effort to defend its blatantly unlawful student loan forgiveness scam may end up sticking taxpayers with billions in legal fees.

Even if the Supreme Court ultimately blocks Biden’s plan, the non-partisan Committee for a Responsible Federal Budget estimates that Biden’s renewal of a student loan moratorium will rob taxpayers of at least $40 billion.

Biden scams taxpayers

If Biden’s student loan forgiveness program withstands illegal challenges, it will cost taxpayers hundreds of billions, according to the non-partisan Congressional Budget Office.

Biden’s scam isn’t expected to receive a favorable hearing, however, after the Supreme Court pushed back on Biden’s overreach on environmental regulation and vaccine mandates.

“The court’s conservatives have been very aggressive in striking down the decisions of Congress and the president,” said Gregory Caldeira, a political science professor at Ohio State University. “I would not be surprised if the court invalidated the executive order.”

Regardless of what the court decides, the American people could wind up with a heavy bill after Biden moved to suspend payments on loans until June, when the Supreme Court’s decision is expected.

“We estimate extending the pause for 60 days beyond June 30, 2023 would cost $40 billion – the equivalent of 18 months of the Pell Grant program,” the Committee for a Responsible Federal Budget said.

Robbing Peter to pay Paul

Biden’s plan has polarized the country. Opponents say that Biden is robbing Peter to pay Paul, and that the benefits will mostly go to college-degree holders who are more likely to vote Democrat.

For his part, Biden has complained that it’s not fair to expect borrowers to pay back their loans.

“It isn’t fair to ask tens of millions of borrowers eligible for relief to resume their student debt payments while the courts consider the lawsuit,” Biden said.

Illegal scheme

The thin pretext of Biden’s move is that COVID constitutes a continued “emergency” under a law called the HEROES Act that Biden says gives him the power to wipe debt at the stroke of a pen. Biden has also said that the pandemic is “over,” however.

Lower courts have blocked Biden’s plan as an affront to the separation of powers.

“In this country, we are not ruled by an all-powerful executive with a pen and a phone. Instead, we are ruled by a Constitution that provides for three distinct and independent branches of government,” Texas judge Mark Pittman, a Trump appointee, wrote in striking down the policy.

The court will hear oral arguments in February.