Commentary
“No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” That’s what it says right there in the Constitution. And yet, without any legislation, President Joe Biden now promises to “cancel” up to $10,000 in student loans per borrower ($20,000 for Pell Grant borrowers), limited to those with annual incomes of less than $125,000.
Let’s start by pointing out that Biden isn’t “canceling” or “forgiving” any student loans. Those are preposterous euphemisms favored by Democrats and the media. The debt in question already exists, it has been lent and spent, and those who borrowed the money of their own volition have already received services. This debt isn’t cancelable….