The United States Supreme Court voted 6-3, ruling that the Biden administration overstepped its authority last year when it announced that it would cancel up to $400 billion in student loans. This week President Biden announced an end run around the Supreme Court ruling and will transfer the debt from those who incurred it to the taxpayers. Who thinks this is a good idea? Several constituencies come to mind:

1. Colleges can continue to raise their rates well past the rate of inflation knowing that they have the government as a backstop. The Morning Brew commented on Biden’s new plan to transfer the debt, “The announcement comes as some of America’s most prestigious colleges are getting price tags steeper than the rock climbing walls at their bougie facilities. An academic year at institutions including Boston University, Dartmouth College, the University of Pennsylvania, and Harvey Mudd College will cost at least $90k this fall, and many expect it will soon cross the $100,000 mark at some schools.”

2. Politicians benefit – Vote for me, I got rid of your student debt!

3. People who have student debt benefit – if you wait long enough, maybe they’ll take care of your mortgage too.

This is reverse Robin Hood. The debt of those with college degrees is now transferred to taxpayers, some who chose not to go to college. If you were responsible and paid off your student loan well that’s too bad. The government is teaching you that you don’t need to be responsible, the government will take care of you. Why should the 87% of Americans who don’t have student debt pay the debt of the 13% who do?

Certainly the United States has enough money to cover everyone’s student debt. The debt load of the U.S. is increasing about $1 trillion nearly every 100 days. The debt is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 trillion, as of this week. “In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues,” the agency said. “Moody’s expects that the US’ fiscal deficits will remain very large, significantly weakening debt affordability.”

It may be difficult to comprehend large numbers, perhaps this illustration will help:

A million seconds is 12 days.
One billion seconds is 31 years.
One trillion seconds is 31,688 years.

The United States is strong militarily, but we are vulnerable economically. Let’s do what’s best for our country. John F. Kennedy declared, “Ask not what your country can do for you – ask what you can do for your country.” May we return to upholding the laws of the land and not succumbing to a dictatorial fiat ignoring the laws of the land.