Biden's Student Loan Forgiveness Plan Isn't Law, Why?

President Joe Biden told NowThis News over the weekend that he "signed a bill" to wipe off student debt.

After talking about what the "law" would give to 40 million Americans in more detail, he said, "It's passed. It passed by one or two votes, and it's now in effect."

In August, Biden got rid of a lot of debt on his own through executive action. It did not make it through Congress, and no one signed it into law.

But it should have gone through the legislative process, and Biden, who has spent decades in the Senate, must know that.

Congress is in charge of the money and keeps the executive branch in check. But Biden had no trouble making this "forgiveness," which will cost taxpayers at least $500 billion.

The debt from student loans doesn't just go away. All Americans will have to pay for it, and it will add to our growing national debt.

With inflation already through the roof, it's also not a good time to put more money into the economy.

22 million debtors have applied for debt forgiveness, the Biden administration said Friday. The government told individuals to apply despite legal issues.

The White House said Biden was referring to the Inflation Reduction Act, which "saved" money for the student loan bailout.