There’s a Latin phrase used in the law that says, “Cui bono.” It means “Who benefits?” Apply that question to President Joe Biden’s announcement to forgive $300 billion of student loans.
Of course, those who benefit the most are the ones who signed contracts promising to repay their indebtedness, but now they no longer have to live up to their commitments. Colleges and universities benefit by getting their money from the government and are now free to further increase their already outrageous tuitions and fees. But the obvious reason Biden is doing this is to buy votes. He is taking taxpayers’ funds and giving it to a specific group of potential voters to curry favor with certain individuals and institutions.
Now who does not benefit? In fact, who suffers? It’s the taxpayers who will foot the bill. It’s the poor slobs who worked hard to fulfill their obligations and pay off their student loans. It’s the capable students whose families couldn’t afford to have them attend college and who prudently chose not to rack up thousands in loans.
Perhaps the other significant question is: Does the president have the authority to spend $300 billion of taxpayers’ funds without the consent of Congress? I don’t think so.