Biden’s Student Loan Forgiveness-Ends Justify Means: But do Means Justify Themselves?

When President Biden went on 60 Minutes in September to announce that the pandemic was over, he was giving good news to Americans. Unfortunately for Joe, it was bad news because it was under his emergency authorization powers related to the pandemic that he authorized the forgiveness of some undefinable number of hundreds of billions of dollars in student loan debt. Don’t worry. His staff was quick to come out and clarify his remarks about the pandemic being over. They assured us it’s only mostly over, save for the part that lets him promise to forgive student loan debt.

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The forgiveness of that debt is likely unconstitutional, but that doesn’t trouble an administration that, like FDR’s administration nearly one hundred years prior, sees the Constitution as an anachronistic, unnecessarily limiting, document that should be viewed more as a set of guidelines than as any type of hard and fast rules.

With the official launch of the student loan forgiveness program just a few days ago, and with over 8 million people already applying, one must wonder what the President’s calculation is in offering a promise that legally he cannot keep.

What is almost deafening is the silence from the mainstream media with regard to the illegality of Biden’s executive order and his statement made on 60 Minutes that would seem to negate whatever limited legal argument he may have been able to make on its behalf. What would have happened if President Trump had gone on 60 Minutes and undercut his own authority for one his many executive actions?

For example, what if he had said that there really aren’t any free speech limitations on college campuses at the same time he was issuing his order in March of 2019 to force universities to permit free speech (conservative groups were/are being denied such rights regularly)? What if he had said a couple of months earlier that there was no problem with illegal immigration at the exact moment he was launching his “stay in Mexico” policy? The questions are rhetorical. The mainstream press would have risen in righteous indignation. You can see the headlines in the NYT: Trump Policy on Immigration Incoherent by His Own Admission”

This is, of course, a recurrent theme in American politics. Team left legislators and leaders can run roughshod over laws and process without any sort of protest. This comes from a Machiavellian formulation that the ends always justify the means. Conservatives, on the other hand, are held to a nearly impossible standard of no room for even the most minor of errors lest they be labeled as hypocrites who wish to imperil our “democracy” (Democracy being in quotes because we don’t actually live in a democracy, and we don’t live in one by the deliberate design of our Founding Fathers).

The fact that this program is announced in an election year, and the fact that Biden announced last week that the program would have very lax application standards, sets it up as something that is being done to purposely and shamelessly attract voters to put a bunch of socialist-leaning Democrats back into office to help ensure that their dreams for being able to eat as pigs at the American trough of entitlement doesn’t come to an end before they are allowed to get their fill of taxpayers’ bailout dollars.

Biden already overstepped clearly by making a blanket statement about student loan forgiveness when he did not take into account that almost 8% of outstanding student loans are “private” student loans (those issued directly by non-government lenders). The federal government has less than zero authority to cancel contracts made between citizens and businesses acting independently of government. No matter. A promise is a promise, and you can be certain that Biden will simply tell voters, “Give me a super-majority in the Senate and let me keep the house and we will go after those types of loans, too, through legislation.”

Something that would be constitutional, and more conservative-type of solution, would be for Biden to simply grant a five-year abeyance of interest, leading to forgiveness, for student loan borrowers who have been almost universally damaged in some way by the government’s handling of the pandemic. This would give people a chance to get their financial house in order and increase their payments so that with all principal, and no interest due, it will allow them to dramatically decrease their loan balance.

Such a system would be fair for everyone involved and would not disproportionately advantage wealthier borrowers as does his current forgiveness plan.

Right now, at least eight states have taken action to attempt to stop Biden’s clearly illegal plan. There is a high degree of probability that one of these efforts is going to be successful (one such challenge prior to this going to press has been rejected by a judge but I certain to be appealed) . If that turns out to be the case, what happens to the Americans who will have bet their financial future, and structured their financial lives, around the false promise of debt forgiveness? This is where it is critical to not place all of your student loan “eggs” in to Joe Biden’s basket. While Joe might honestly believe he talks to the Easter Bunny on a regular basis, his ability to leave presents isn’t even as real as is his imaginary friend.

Liberals do always believe that ends justify the means. That said, when they lie to the American people about the means themselves actually working, they create false hope and poisonous dependency. In this case, millions of Americans can become dependent upon a false promise made by a false President. This is a good time to make sure that your financial plan isn’t structured in a way that treats debt forgiveness as a given. You need to consult a level-headed conservative financial advisor who will make sure that you don’t overextend on an over promised handout.

This article originally appeared on The Rubin Report and has been published here with permission. This is part 3 of a 3 part series.

American Conservative Value Fund

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