On August 24th President Biden issued an Executive Order forgiving more than $300 billion in student loan debt.
Predictably, this initiative sparked gleeful support from one camp and howling outrage from another.
Put aside, for a moment, whether you approve or disapprove of what the president has done. Not easy for some of you, I know. But you have to admit that it is a brilliant move. Consider the following questions:
- Is it legal?
- Is it good for the country?
- Will it unify Americans?
Objective analysis would indicate that the answers those questions would be, “no, no, and no.”
Issuing an Executive Order of that magnitude clearly usurps Congressional authority on fiscal matters.
Pumping more than $300 billion dollars into an economy that is already struggling with runaway inflation will have devastating consequences. Millions of households across the country will be impacted.
Forgiving the financial obligations of some, while others have sacrificed to meet theirs, will further divide a polarized population. Those who accepted their obligations will, effectively, be punished.
Not a good score by any measure. But if Biden fails on all three counts, how can this possibly be thought of as a “brilliant move?”
Easy. Timing is everything
First, President Biden’s advisors certainly warned that his initiative would not survive the inevitable legal challenges. No problem. By floating the plan less than three months before November’s midterm elections, he will capture vast numbers of young, “social justice” voters.
Second, given the anticipated challenges and delays, the inflationary impact will not be felt for some time, if at all.
Finally, the question of national unity is not part of Biden’s current calculus Indeed, that posture was taken off the table within hours of his inauguration speech in January of 2021.
Oh, and there is a bonus. If the court challenges do end up nullifying his Executive Order, he can always blame the evil Republicans on the Supreme Court for thwarting his good work.
Brilliant move. Yes, it is.
Hey, wait a minute. What about me? I have paid my dues in the school of hard knocks. Where is my check?