Supreme Court says you need to pay off other people's student loan debt
The Supreme Court just handed thousands of student loan borrowers a victory.
The nation's highest court ruled on Thursday in favor of $6 billion in student debt relief for 200,000 borrowers — a result of a settlement from a years-long lawsuit now known as Sweet v. Cardona. The lawsuit was first filed in 2019 under former President Donald Trump on behalf of borrowers with stalled borrower-defense claims, or claims that borrowers can file if they believe they were defrauded by the school they attended. If approved, their debt would be wiped out.
President Joe Biden's Education Department agreed to a settlement last summer, and a federal judge signed off on the relief in November. Shortly after, three schools named in the settlement appealed the decision and requested that a lower court pause the relief as the legal process plays out. The Ninth Circuit Court of Appeals rejected the request, and now the Supreme Court came to the same conclusion.
"The application for stay presented to Justice Kagan and by her referred to the Court is denied," the Supreme Court wrote in its very brief decision. It offered no explanation for its decision.
The American public is now on the hook for another $6 billion. Our grandchildren, great-grandchildren, and great-great-grandchildren will be paying this off, along with all the other debt incurred by the previous three administrations.
For your information, the following is the National Debt incurred by each administration since 2000:
From 1776 to 2000 (43 Admins) $5,751,743,092,605
2008 George W. Bush Admin $3,458,844,351,456 incurred
2016 Obama Admin $9,690,345,245,954 incurred
2020 Trump Admin $4,271,066,443,813 incurred
2023 Biden Admin to date $8,290,930,787,528 incurred
Total National Debt as of today $31,462,929,921,358
Total Debt Incurred Since 2000 $25,711,186,828,753 (23 years)
Here is the above information in chart form:
When you see this chart, you can easily recognize that something is wrong. This is unsustainable. This is a big deal. Current debt service is becoming a huge burden on the annual budget.
For those of you who think, "I am not going to worry — the government will pay the debt service and reduce the national debt," remember that the "government" has no money of its own. It only gets its money through taxation of its citizens. This is going to affect everyone for the next 100 years or more.
We must elect people committed to stopping the unrestrained spending of this and future administrations. Keep this in mind. If this is ignored, and the Biden administration continues to spend at the rate it has, there will be serious trouble on the road ahead.
Gary Aminoff is Chairman of the American Freedom Alliance. He can be reached at gary@americanfreedomalliance.
Image via Max Pixel.