Last week the Cato Institute, the think tank for which I work, filed a lawsuit against the Biden administration to halt its mass student debt cancellation order. Cato’s suit joins at least six others, with plaintiffs making various claims of harm. The ultimate aim of all the suits, though, is the same: To stop a move that is not only patently unconstitutional, but will inflict many painful costs on society. The constitutional issue is straightforward: The Constitution gives the power of the purse to Congress, but in declaring that it would forgive up to $20,000 in loans for households making below $250,000 a year, the Biden administration essentially created about $400 billion in new s
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