NBC News reports that yesterday (8/28/2024), the U.S. Supreme Court (“SCOTUS”) denied the Biden administration’s emergency request to lift a nationwide injunction against President Joe Biden’s latest plan to use billions of taxpayers’ dollars to forgive and pay back federal student loan debt.
The U.S. Department of Education issued a regulation finalizing its Saving on a Valuable Education (“SAVE”) plan in July 2023, only one month following the SCOTUS’ ruling that the Biden administration lacked the authority to implement President Joe Biden’s earlier loan forgiveness program, as the funding was not approved by the U.S. Congress.
Predictably, a spokesperson for the U.S. Department of Education stated that the Biden administration would “keep pushing” to lower repayment options for borrowers.
The NBC News article may be read in full HERE.
My brothers and sisters, the lack of respect for the law of the land, as verified not once but twice by the SCOTUS, means little to the apparently tone-deaf Biden administration.
First, considering the outrageous national debt level, there is no money available anyway, as the U.S. pays as much in debt service as it spends on budgetary matters.
Second, it is not the constitutional role of the federal government to erase personal debt or to bail out private businesses – including lending institutions or colleges.
In fact, exercising common sense and allowing the free market to function without government interference would almost certainly result in lower educational costs.
As it stands now, institutions of higher learning sense the entitlement to charge whatever they desire or deem necessary with an assurance that the federal government, one way or the other, will make sure they are paid.
The bible presents guidance that our federal government would be advised to consider regarding the common sense of becoming a personal loan guarantor, especially when it has no money for such purpose without borrowing to effect the guarantee:
Proverbs 17:18 (Amplified Bible)
“A man lacking common sense gives a pledge [a]nd becomes guarantor [for the debt of another] in the presence of his neighbor.”
Proverbs 22:26-27 (Amplified Bible)
“Do not be among those who give pledges [involving themselves in others’ finances], [o]r among those who become guarantors for others’ debts. If you have nothing with which to pay [another’s debt when he defaults], [w]hy should his creditor take your bed from under you?”
