Hello everybody and thank you for tuning in to the weekly report. Biden's student debt forgiveness

scheme is unforgivable. Last week President Biden announced he is creating a new program for giving

$10,000 of student debt for those with income under $125,000 a year. The amount rises to $20,000

for boroughs who are pale grant recipients. Biden flipped flop on the issue as he previously

denied that the president has the authority to create a new student loan debt forgiveness program.

He now claims a 2003 law allowing the education department to waive or modify provisions of

federal student financial assistance programs to help students affected by war, other military

operations or a national emergency gives him the authority. Biden says debt forgiveness is

necessary because of a continuing COVID national emergency. It seems odd that Biden would claim

COVID is a national emergency when even the Centers for Disease Control has stopped recommending

block downs, masks and social distancing. A broad student loan forgiveness program also does not

seem to fit the purpose of this statute which was to provide student loan forgiveness for military

personnel, first responders and others engaged in fighting the war on terror. Another basis offered

for the president having the power to cancel the loans is a provision in the 1965 Higher Education Act

that gives the education department limited authority to modify or forgive student loan debt.

Given the Supreme Court's recent decision narrowing the scope of a federal agency's ability

to unilaterally enact major new policies based on limited grants of authority,

it is a definite possibility that the courts will overturn the student loan forgiveness program.

If the courts uphold the president's action then as many of the 43 million Americans could have

significant amounts or even all of their student debt forgiven. Of course the debt does not go away

instead the forgiving debt will simply be added to the national debt to be paid by the taxpayers

either in the form of direct taxes or the hidden inflation tax. Thus these loans will be paid off

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