Republican lawmakers blasted Joe Biden's Wednesday executive order to "forgive" billions of dollars of federal student-loan debt, arguing that the "scheme" benefits the upper class and transfers the cost to taxpayers.
Under Biden's order, $10,000 in federal student debt for individuals making under $125,000 annually and households making under $250,000 annually will be erased.
McConnell called Biden's decision a slap in the face.
Student loan socialism is a slap in the face to working Americans who sacrificed to pay their debt or made different career decisions to avoid debt. The senator said that a redistribution of wealth was unfair.
The middle class will be stuck with the bill, according to Texas Senator Ted Cruz, who called it "insane and illegal" before the elections.
Nebraska Senator Ben Sasse said Biden's orderbaptizes a broken system and benefits college graduates.
The President can spin it however he wants, but at the end of the day his debt forgiveness scheme forces blue collar workers to subsidize white collar graduate students. Instead of demanding accountability from an under-performing higher education sector that pushes so many young Americans into massive debt, the administration has a plan. This deeply regressive action, which fails to acknowledge that most debt is held by people with graduate degrees, will do nothing to jumpstart the reform of higher education.
Biden didn't take into account those that had already paid off their debts.
Who will be held responsible for Biden's debt transfer scam? Kevin McCarthy said that hard-working Americans already paid off their debts or never took on student loan debt
Americans have already paid off their student loans. Jim Jordan is a republican from Ohio.
Cotton said, "Biden owes Americans an explanation on why a truck driver who didn't go to college is now responsible for the student loans of a wealthy lawyer."
Cotton called colleges "bloated" and "self-serving"
Cotton said he would be introducing a bill to hold these colleges accountable for debt, lower tuition, and non-college career paths.
Barry Loudermilk, a Republican from Georgia, said that the "forgiveness" is an insult to the American people who have worked so hard to pay off their student loans.
He said that the decision would cost American taxpayers an estimated $300 billion.
According to a study by the Wharton School of business at the University of Pennsylvania, the cost of Biden's one-time cancellation is $300 billion. If the program goes on for ten years, it will cost $330 billion.
All Rights Reserved © 2024
