Visiting Wisconsin last week, President Joe Biden announced his revised plan to cancel or reduce federal student debt for over 30 million borrowers. This “alternative path,” in Biden’s words, represents his administration’s renewed effort to cancel student debt. It follows his initial effort to cancel $20,000 in debt for 43 million borrowers — amounting to $400 million of taxpayer money. That gambit was struck down at the Supreme Court.

The problem?