• We plan to socially transition our mortgage debt until it identifies as a student loan.
• Once again, President Biden has issued an executive order that he knew beforehand was illegal. This time around, the aim is to transfer liability for hundreds of billions of dollars’ worth of student loans from the people who took them out, used them, and benefited from them to the taxpayers who did not take out, use, or benefit from them. As with much of Biden’s previous behavior — the eviction moratorium, the federal vaccine mandate — the measure represents a violation of Biden’s oath of office, and it should be treated as such by Congress and the courts. Speaking to the press last year, Nancy Pelosi made it clear that the president did not enjoy the power to “cancel” student loans. “The president can’t do it,” she said, “so that’s not even a discussion.” Adopting a professorial tone, she continued: “Not everybody realizes that, but the president can only postpone, delay but not forgive.” This conclusion echoed a Department of Education report from early 2021, which found that the executive branch “does not have statutory authority to provide blanket or mass cancellation, compromise, discharge, or forgiveness of student loan principal balances, and/or to materially modify the repayment amounts or terms thereof.” Knowing this, Biden did it anyway. If he is not held to account for the usurpation, Americans could reasonably wonder if they still have a Constitution to take an oath to.
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