President Joe Biden’s student loan relief proposal was slammed Wednesday by Republicans for unfairly shifting the cost to taxpayers with no college debt – many of whom never attended college.
In no way can student debt be ‘canceled.’ Biden is unfairly burdening hardworking Americans with debt they did not take on themselves, said Sen. Ted Cruz. The average cost to every taxpayer will be $2,100.00. Despite Republican accusations that the White House is squeezing the masses to shower largess on wealthy elites, the White House insists the policy is tailored to help lower-income students and former students – 43 million in all.
Senator Cornyn has called it a “disastrous policy” that will increase inflation. By implementing the new policy, universities will be able to raise tuition for students whose debt loads have suddenly shrunk – views shared by Larry Summers, former Treasury Secretary under Clinton, and former Harvard University President.
Less than three months before the midterms, that’s a lot of families expecting a windfall. The “Biden Administration’s election-year stunt” to force working-class folks to pay off the debt of wealthy graduates is both indefensible and nonsensical, Cornyn said.
Legislation blunting the pandemic’s economic impact gives the President all the authority he needs. When asked if it’s fair to provide relief to some Americans at the expense of others, the President pointed to GOP-backed tax credits for large employers. According to Biden, Republicans seem to have no problem with tax relief for corporations. Is it fair for people who do not own multibillion-dollar businesses? Biden asked.
In echoing the Democratic consensus, Rep. Vicente Gonzalez of McAllen tweeted that he was glad to see the President keep his promise to cancel student debt.
Republicans in Texas were less enthusiastic about the plan. Rep. Ronny Jackson stated that Biden is stealing from you to buy votes, and now you pay for college for the rich. Brady, R-The Woodlands, echoes the same opinion regarding how Biden was stealing to buy votes. He added that the plan would cost $600 billion – roughly double the estimate Cornyn used in his criticism. Brady called it unfair to those who have already paid off student loans. Like Cruz, he asserted that the plan was illegal without congressional approval.
Nothing was surprising about Biden’s announcement. As part of the 2020 campaign, he promised some student debt relief, but not as much as some of the Progressive Democrats hoped for. Providing that relief now, with midterm elections less than three months away, is likely to entice younger voters who had already been paying unusual attention since Roe vs. Wade was struck down and abortion bans began spreading.
Low-income borrowers could lose up to $20,000 in loan debt under the plan. Nearly 27 million people who received Pell Grants will be eligible for the maximum award. The majority of Pell recipients come from families making less than $30,000.
Up to $10,000 in relief is available to borrowers with incomes up to $125,000. Students whose parent’s income does not exceed $250,000 per couple are eligible.
Among borrowers no longer in college, nearly 90% earn less than $75,000 a year and would benefit from the loan forgiveness, according to the U.S. Department of Education. Despite White House arguments that the plan targets those in need, critics remain unconvinced.
According to Cruz, Washington, DC, holds the highest concentration of student loan debt, forcing blue-collar workers and American families across the country to pay off a Washington bureaucrat’s college education.
Ted Cruz needs to go home and sit down. He does not agree with anything Biden does. Paying off student loans is a great way to help those who have large loans. It does not matter about the ones who have paid their loans. Good for them! You shouldn’t begrudge someone else’s blessings just because you didn’t get it. Thank you Joe Biden. Don’t listen to the naysayers!
Thanks Doris. Yes, I signed load agreements promising to pay it back, but my masters degree in basket-weaving ended up being pretty much worthless and my minimum wage job doesn’t pay enough to support the lifestyle I deserve, my $1,000 smartphone habit, and my $65,000 electric car. Surely you won’t begrudge me for asking YOU to pay for my choices. After all, I am way more deserving than my neighbors because, well, they were more privileged than me. Also, my neighbor is upset because he doesn’t want to pay for mine or someone else’s college education (I told him that basket-weaving may not be a great career choice, but I love it). My neighbor says he saved for years to pay for his own children’s education instead of paying back mine. So will YOU please pay for his share of increased taxes as well? I’m sure you won’t mind. I don’t want to hurt my neighbor’s feelings and I don’t want him to begrudge me.
I feel you’re conflating two totally things here. Not wanting to pay for someone else’s debt that they knowingly assumed is not the same as “begrudging someone else’s blessings.” However, I do begrudge someone else stealing my hard-earned money! By your logic, I guess I should go and take out a loan for a new $60,000 Tesla and then let other taxpayers foot the bill. After all, by the Biden misadministration’s logic, I would just be doing my part to save the planet.
I’ve fallen on hard times maybe the government will pay off all our loans. Sounds fair enough.
Not really. Apparently you have more debt than I do. Its hard for me to pay, but I doing it.
Unbelievable! Aren’t they going to pay for my college tuition? Since I graduated in 1975, I think the government would be getting a bargain!
The biden administration, knows most Americans are totally dissatisfied.
They are simply looking for votes from students and their families. Also trying to give voting rights to those crossing the border. This administration has ruined our beautiful country, that so many have given their lives for.
Making taxpayers pay for college debt only steals from those who either did not go to college, or paid their loans back already, or were able to go to college without loans (scholarships or parents paid their way). The taxpayers gain nothing for having their money stolen by the Biden mis-administration. When corporations get tax breaks, and I am not sure they all should, at least it lessens the cost of doing business which results in consumers paying less for the service or product than they would otherwise. If a bank makes a loan and it is not paid back it is called a bad debt and the bank takes the loss. The Government should do the same. Biden is just BUYING THE VOTES of those who benefit. Hopefully, those of us being robbed outnumber those whose votes are being bought and will remember it at the mid term elections and the 2024 election.
I hope all taxpayers realize that Biden doesn’t have the authority to do this here. he is being a dictator and a socialist that this country does not need. he must be considering himself Robin Hood. it’s not bad enough that he doesn’t have a clue on how to run the country but he does know how to steal from us.
Talk about corruption-well this is a picture perfect example of legal corruption by the low life puppet president. Let me forgive your student debt of $10k, $20k, $30k, and just remember that it was a democrat thst did that for you so vote democrat in Nov. I just bought you vote. Disgusting, nobody told them to borrow money, what is next. Oh my we feel so sorry for them, they can’t save money to buy a house, jobs are tight, tough shit that’s life. Try doing it in 1973 thru 1982 with interest rates at 12 and13% for mortgages. The socialist democrats are the ones ruining the country. The worst part is that the idiots don’t even know who the real power group of people are who are pulling biden’s & their strings when they think they are doing it themselves the fools. The whole student debt fiasco is a crime against every citizen oh yeah are these students going to pay taxes on the amount of debt forgiven they should under current tax Regs.
Biden should be Impeached on a number of different issues and Harris also just because she is just plain stupid and mentally incompetent. Pelosi because she is a thief. We should have a slogan: qualification for political office- must be dishonest—a good liar—willing to cheat your fellow man—able to blame others for your mistakes—not care who you hurt to achieve you end game—only interested in your agenda to hell with anything else. I am done complaining for now, there is still plenty of items to draw upon.lllllll
Amen and well said!
This is totally unfair to all of those parents and students who worked and saved so that they would not have any debt and also to all of those who never went to college.
Where does a President get the authority to erase college loan debt? Does congress have a say in this debt reduction?
I do not like the Biden proposal. It is taking from the tax payer to benefit others. Another socialist handout.
I feel the Student Loan Debt belongs to those who took out the loan. In NO WAY should I be responsible for another persons debt.
Research on “vote buying” should be investigated.