On Wednesday, Joe Biden announced that the federal government would be canceling up to $20,000 worth of federal student loans for millions of eligible Americans who make less than $125,000 per year. This loan forgiveness plan will cost U.S. taxpayers between $400 and $600 billion over the next 10 years, according to the Committee for a Responsible Federal Budget.
Critics warn that this program will worsen the country’s already record-high levels of inflation.
Inflation, which is largely caused by government spending, taxes the country’s low-income citizens. Thus, the Biden regime is taking money from the poor to fund the highly educated, working Americans.
However, Biden continues to ignore the inflation issues facing the U.S. people, instead choosing to focus on achieving his campaign promise to cancel $10,000 in student debt, which is predicted to make inflation worse than it already is.
Senate Minority Leader Mitch McConnell (R) asserted that this initiative is “yet another way to make inflation even worse, reward far-left activists, and achieve nothing for millions of working American families who can barely tread water.”
Biden’s student debt “forgiveness” plan is not really forgiving student debt, but rather forcing taxpayers to cover the cost.
The U.S. gross national debt surpassed $30 trillion for the first time in February, and according to the COO of Hill Wealth Strategies, Daniel Rodriguez, “The only way to get more revenue is to increase taxes on the American people or reduce spending.
“The government may choose to reduce spending on things like infrastructure, social safety nets, first responders, and education,” said Rodriguez.
This major expenditure of forgiving student debt is set to increase our national debt by $103.5 billion.
Trump-endorsed senatorial candidate J.D. Vance has bashed Biden’s plan, saying, “I think the problem with student debt forgiveness on the backs of taxpayers is that it basically doesn’t force any reform to that incredibly corrupt system. It’s, in some ways, a bailout for the people who are causing the problem. It’s one of those things where, if you do it, you’ll help a lot of young kids right now, but you’ll hurt the next 20 years of young kids, who are exposed to an even more corrupt and even inflated system.”
Meanwhile, those who put their children or themselves through college without accumulating debt are frustrated that now, after all their hard work, they are forced to pay for everyone else’s debt.
Elizabeth Warren made it clear while on her 2020 presidential campaign trail that the Democrat lawmakers don’t care about the fact that those who worked hard to avoid crushing student debt will not be rewarded at all.
A man approached Warren at an event and said, “My daughter’s getting out of school, I’ve saved all my money, she doesn’t have any student loans. Am I going to get my money back?”
Warren harshly responded, “Of course not.”
The man then responded, “So you’re going to pay for people who didn’t save any money, and those of us who did the right thing get screwed?… My buddy had fun and bought a car, went on vacation – I saved my money. He made more than I did, but I worked a double shift, worked extra… so, you’re laughing at me. We did the right thing, and we get screwed.”
Warren, of course, had nothing to say.
"I've saved all my money. [My daughter] doesn't have any student loans. Am I going to get my money back?"
Warren: "Of course not."
"So you're going to pay for people who didn't save any money and those of us who did the right thing get screwed."pic.twitter.com/Z19hR5Vsdg
— Daily Wire (@realDailyWire) August 23, 2022