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President Joe Biden is reportedly going to announce a massive expansion in federal executive power, fulfilling a campaign promise to his Democrat base to pay off a portion of their college student loan debt. He is also expected to extend the current freeze on repayments and interest accrual on the debts – which were set to expire at the end of the month.
It’s the culmination of a long-running leftist campaign to cancel debt (which is mostly concentrated among wealthier Americans). However, the cost of the cancelation would virtually wipe out the savings promised by the recently-passed Inflation Reduction Act. It also does nothing to address the affordability of college – which is driving the debt problem.
Critics of Biden’s expected action also say the President lacks authority to unilaterally act. Just last year, the US Department of Education determined that the Executive branch lacks the statutory authority to do what Biden plans to do.
