The Deception of Biden’s Student Loan Forgiveness Plan


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President Joe Biden’s recent initiatives on “student loan forgiveness” may sound noble, but let’s dissect the reality behind these proposals. They fall short of being genuine measures of relief and more align with what James Madison famously termed as an “improper or wicked project.”

The Illusion of Relief

Biden’s program does not offer debtors the option of declaring bankruptcy, which might seem like a positive stance on the surface. However, it’s crucial to recognize that these debtors have already benefited from highly favorable loan terms, all at the expense of taxpayers like you and me.

The Burden on Taxpayers

Despite enjoying these favorable terms, it’s us, the taxpayers, who are left footing the bill. This raises the question: Are these debtors truly victims, or have they simply failed to fulfill their obligations?

The Fallout of Debt Cancellation

James Madison aptly described debt cancellation as “improper or wicked” for valid reasons. Canceling debt doesn’t erase the obligation; instead, it shifts the burden onto innocent parties. And if you’re reading this, chances are you’ll be one of those adversely affected by Biden’s plan.

Furthermore, debt cancellation disrupts the capital markets, making creditors wary of extending loans on favorable terms. This, in turn, hampers the accessibility of credit for those who genuinely need it.

Lessons from History

Looking back at America’s history, we see parallels to the current situation. During the 1780s, the nation faced economic turmoil, with some debtors pressuring state legislatures for relief.

However, the implementation of debt relief measures backfired disastrously, exacerbating economic woes and fueling bitterness among different segments of society.

Constitutional Safeguards

Recognizing the dangers of unchecked debt relief, the framers of the Constitution included provisions to prevent states from engaging in such practices. These measures aimed to safeguard the sanctity of contracts and prevent retroactive laws that could harm creditors.

The Federal Conundrum

Interestingly, while the Constitution restrains states from wholesale debt cancellation, it doesn’t extend the same prohibition to the federal government. This oversight has opened the door to initiatives like federal student loan programs, which often lead to unintended consequences.

A Call to Action

In light of the Biden administration’s proposals, it’s imperative for lawmakers to take a stand. Rather than perpetuating a cycle of debt and dependency, we must prioritize responsible fiscal policies that benefit all Americans.


Biden’s student loan forgiveness plan may seem well-intentioned, but in reality, it poses significant risks to both taxpayers and the economy. By learning from history and upholding constitutional principles, we can strive towards solutions that truly address the root causes of student debt without burdening future generations. It’s time for lawmakers to act decisively and chart a path towards genuine economic prosperity and financial freedom for all.

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