On Friday, Zero Hedge reported the following:

President Joe Biden is heaping another $5 billion onto a $136 billion pile of taxpayer-funded student loan debt forgiveness, as one of his signature 2024 (vote buying) schemes heading into the 2024 election.

Not only has moral hazard been reduced to an academic concept, shouldn’t taxpayer funds be used to bail out poverty-stricken Americans before people with college degrees who signed their names to a contract for non-dischargeable debt? We digress.

Around 74,000 student loan borrowers will now see debt canceled as a result of administrative changes enacted by the US Department of Education in the latest round of relief – including borrowers enrolled in the government’s income-driven repayment and public service loan forgiveness programs, Bloomberg reports.

Each program requires at least a decade of payment or service to be eligible for relief. Mismanaged federal student-loan plans have left some borrowers without promised relief after making payments for as long as 25 years. -Bloomberg

“My administration is able to deliver relief to these borrowers – and millions more – because of fixes we made to broken student loan programs that were preventing borrowers from getting relief they were entitled to under the law,” Biden said in a Friday statement written by other people.

Of those receiving taxpayer-funded assistance, roughly 60% are taxpayer-funded “public servants” – so the snake continues to eat its tail. So, buying votes with voters’ money.

Since when is the federal government able to change the details of a contract mid-stream? Since this is essentially an expenditure, why is it coming from the Executive Branch? The House of Representatives is supposed to be in charge of spending. This should quickly be found unconstitutional by the courts, but I seriously doubt anyone will bring the case.