Chelsea and I look at the recent Supreme Court ruling on two related cases about “student loan forgiveness.”
In one case, students believed they were entitled to an unconstitutional handout for which they didn’t qualify.
In the other case, the U.S. President believed he was entitled to make promises for the unconstitutional program itself.
The conservative majority argued that the HEROES Act of 2003 as originally intended and its “waive or modify” clause didn’t allow the Secretary of Education to “rewrite” the law for a different situation and purpose. The liberal minority basically argued that the law grants “broad” and “general” powers for an “emergency” and “unforeseen events” (of course).
Chelsea and I explain four moral hazards that “student loan forgiveness” schemes introduce. We give Bible verses to encourage caution, planning, honesty, and integrity with loans.
Official Opinion in Department of Education et al v. Brown et al.
Official Opinion in Biden v. Nebraska.
Kamaron McNair, “After student loan forgiveness, 73% of borrowers plan to spend more on travel and dining out,” CNBC, November 9, 2022.
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