The Biden administration announced it was going to cancel student loan debt for some Americans.
Biden announced on Wednesday a plan to “forgive” $10,000 in federal student debt for some borrowers.
Joe Biden will unilaterally announce a massive forgiveness of student loans Wednesday afternoon in a move Senate Majority Leader Chuck Schumer (D-NY) boasted as a “flick of the pen.” An estimated $300 billion of loans up to $10,000 per borrower making under $125,000 per year ($250,000 for couples) as well as up to $20,000 for Pell Grants will be forgiven by the Biden administration citing a new interpretation of the 2003 HEROES Act by Biden admin lawyers that says the secretary of Education has the authority to use national emergencies–specifically the COVID pandemic–to wipe out student debt en masse.
To defend the plan, the administration brought out top Biden advisor Susan Rice.
She tried to defend the plan as “not a giveaway to rich people.”
Top Biden advisor Susan Rice says Biden's student loan debt bailout "is not a giveaway to rich people."
FACT: 73% of the canceled debt will go to households in the top 60% of the income distribution. pic.twitter.com/Z83qKj1wJE
— RNC Research (@RNCResearch) August 24, 2022
Susan Rice was previously put in charge of an effort to expand mail-in voting.
Biden Puts Susan Rice in Charge of Effort to Expand Mail-in Voting to Make it Easier For Democrats to Steal Elections
After the Benghazi terror attack, she went on multiple shows and falsely claimed the attack was because of a YouTube video.
Susan Rice was national security adviser to Obama.
You may remember her as the person who went on multiple news shows after the Benghazi terror attack and claimed it happened because of a YouTube video. That was a lie and everyone knows it.
Now, Biden is having her defend the student loan debacle.
Many took to Twitter to express their discontent with the plan.
You work yourself to death. $10K student loans. Get a good job, $100K a year.
Pay them off. Then. Find out if you never paid them off you would have been better off.
— BowTiedBull – Read Pinned Tweet or NGMI (@BowTiedBull) August 25, 2022
New Yorker: "I paid for my student loan, and everyone else should pay for theirs, too." pic.twitter.com/cgx3XVSTEi
— RNC Research (@RNCResearch) August 25, 2022
If you’re attacking the daughter of a plumber and a homemaker from Appalachia as “privileged” then I definitely don’t trust you to determine who deserves to have their student loans forgiven
— Amber Athey (@amber_athey) August 25, 2022
This “plan” from the Biden Administration will:
– Further fan the flames of inflation.
– Ignore the rising cost of higher education.
– Disproportionately favor the wealthy.
– Create greater income inequality. https://t.co/c92LR5UphR
— Mike Lee (@SenMikeLee) August 24, 2022
Even a former Obama Economist blasted the plan.
Jason Furman, the former chairman of Obama’s Council of Economic Advisors warned that this plan would make inflation even worse.
The White House fact sheet has sympathetic examples about a construction worker making $38K and a married nurse making $77,000 a year.
But then why design a policy that would provide up to $40,000 to a married couple making $249,000? Why include law and business school students? pic.twitter.com/463YMmCT9g
— Jason Furman (@jasonfurman) August 24, 2022
Economists in the Obama administration have criticized the forgiveness over fears that it will only further record-high inflation—a point some Democrats made against Biden’s plans with just 11 weeks to go before Election Day.
“Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless,” Jason Furman, the former chairman of Obama’s Council of Economic Advisors, tweeted on Wednesday. “Doing it while going well beyond one campaign promise ($10K of student loan relief) and breaking another (all proposals paid for) is even worse.”
Will this be the issue that causes union workers and blue collar workers to leave the Democrat Party?