The Half-Trillion-Dollar Student-Loan Executive Coup

Well he did it. President Biden waved his princely wand and on Wednesday canceled student debt for some 40 million borrowers borne only by his own authority. This is easily the worst domestic policy decision of his presidency, and makes a fool of Congress and every American who paid off loans or didn’t go to college.

The President, who never says no to the Left, has once again done his will with this act of executive legislation, er, breaking. The government will remove $10,000 for borrowers making less than $125,000 a year and $20,000 for those who received Pell grants. The government estimates that about 27 million will be eligible for forgiveness of up to $20,000, and about 20 million will have their balances wiped.