President Biden’s student loan forgiveness initiative has been deemed illegal and unconstitutional by the Supreme Court. The court ruled that the executive branch does not possess the authority to invalidate contracts. It is evident that Congress must clearly state its intentions before a department secretary can unilaterally alter significant aspects of the American economy, as pointed out by Chief Justice John Roberts. Even House Speaker Nancy Pelosi initially agreed with this sentiment before retracting her statement. The Department of Education also acknowledged the lack of power in the executive branch. The Supreme Court’s decision dismisses the Biden administration’s misuse of the HEROES Act, which was originally intended for loan relief for active-duty military, not for general forgiveness. The White House claimed that the ongoing COVID-19 emergency warranted the extension of the HEROES Act’s powers to cover a broad range of individuals, but this argument became nonsensical when Biden declared the emergency over in April. Essentially, the plan would have resulted in a significant redistribution of wealth, burdening taxpayers with a $400 billion-plus bill for forgiveness. This would mean taking money from working-class individuals and giving it to highly-paid professionals. Progressive proponents of student debt cancellation, such as Senator Liz Warren, are displeased with the Supreme Court’s decision and are urging President Biden to explore other avenues for achieving debt cancellation. However, it is crucial for both the congressional GOP and reasonable Democrats to prevent the president from proceeding with this plan. Student debt forgiveness, like many other progressive policies, exacerbates social inequalities rather than resolving them. Therefore, the court’s ruling is beneficial for both the less fortunate and the cause of social justice, as well as upholding the rule of law.
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