Since President Biden unveiled his plan to “cancel” $10,000 of student loan debt per borrower, several economic organizations have released estimates detailing the total cost of the plan.
For instance, according to the Penn Wharton Budget Model, the “total plan costs could exceed $1 trillion.”
Other organizations, such as the National Taxpayers Union, “calculate that the average burden per taxpayer in the U.S. is $2,503.22.”
While it is necessary to focus on the astronomical real-world economic costs of Biden’s unprecedented executive action, it is also worthwhile to examine the moral costs of the president of the United States unilaterally deciding that contracts are no longer sacred.
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