Biden’s Student Loan “Forgiveness” Will Do More Harm Than Good – Experts Say
(RepublicanDaily.org) – President Joe Biden ended months of speculation and debate earlier in the week when he confirmed the federal government would cancel a certain percentage of millions of Americans’ student debts. Depending on the size of the household, it could forgive as much as $20,000. There has been an outpouring of criticism from both Conservatives and Liberals over the plan; however, one individual who has remained conspicuously quiet is House Speaker Nancy Pelosi (D-CA).
In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023.
I'll have more details this afternoon. pic.twitter.com/kuZNqoMe4I
— President Biden (@POTUS) August 24, 2022
Pelosi Seemingly Abandoned Opposition to Executive Debt Forgiveness
In July 2021, Speaker Pelosi told reporters she was against the idea of federal government debt forgiveness. Not only that, she also unequivocally claimed it was not within the authority of the president to unilaterally undo any debts. She stated Joe Biden could, if he wished, “postpone [or] delay” the due dates for student loan payments, but that full forgiveness had to come from lawmakers in Congress. The Department of Education concurred with Pelosi’s view at the time.
Now, though, it appears the speaker has left her reservations about the idea in the past. When asked by a reporter about her view on Biden’s announcement, given her previous statements, she said, “it seems he has the authority to do this.” She was generally positive about debt forgiveness, stating it would create opportunities for the individuals who benefit.
Response From Republicans
The GOP has not been as forgiving as Nancy Pelosi. A number of Republicans issued scathing criticisms of the president’s decision throughout this week.
Senator Ted Cruz (R-TX) was among those to pile on. In the tweet below, he highlights the effect Biden’s spending on federal debt forgiveness could have on our existing problem with runaway inflation. He also called the move a “Hail Mary before midterms,” implying the president was timing the grant to create good press for his party colleagues ahead of upcoming elections.
Insane – and illegal!
We have the highest inflation in 40 years/highest gas prices ever, but Biden wants to spend even more at the expense of hard-working Americans.
The middle class will be stuck with the bill – it's debt transfer.
This is just a Hail Mary before midterms. https://t.co/tJi6yoiztU
— Senator Ted Cruz (@SenTedCruz) August 24, 2022
Senate Minority Leader Mitch McConnell (R-KY) also released a statement following Biden’s announcement. He called the debt forgiveness a “slap in the face” for Americans who were already struggling with inflation and had not had the benefit of a college education.
What’s in the Plan?
The president’s scheme will see single graduates earning less than $125,000 forgiven $10,000 or if they received Pell grants, $20,000. The same applies to households earning $250,000 or less.
Do you think student loan forgiveness is the right move, or will it harm the country more as we continue to battle inflation?
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