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Tipsheet

Republicans Blast Biden's 'Debt Forgiveness Scheme'

(AP Photo/J. Scott Applewhite)

President Joe Biden plans to reallocate student loans from college educated Americans who owe them to working class citizens. The official plan was released Monday by the White House press office. 

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Republicans are livid over the move and blasting it as a scam with Senate Minority Leader Mitch McConnell leading the way.

“President Biden’s student loan socialism is a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path or volunteered to serve in our Armed Forces in order to avoid taking on debt. This policy is astonishingly unfair," McConnell released in response to the move Wednesday. “The median American with student loans already has a significantly higher income than the median American overall. Experts who studied similar past proposals found that the overwhelming benefit of student loan socialism flows to higher-earning Americans. Democrats specifically wrote this policy to make sure that people earning six figures would benefit."

“President Biden’s inflation is crushing working families, and his answer is to give away even more government money to elites with higher salaries. Democrats are literally using working Americans’ money to try to buy themselves some enthusiasm from their political base," McConnell continued. “This is cynical and outrageous but perfectly in character for these Democrats." 

A number of other Republican Senators concur. 

"The President can spin it however he wants with Pell window dressing, 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 underperforming higher education sector that pushes so many young Americans into massive debt, the Administration’s unilateral plan baptizes a broken system. This deeply regressive action — which fails even to acknowledge that most debt is held by folks with graduate degrees — will do nothing to jumpstart the reform higher education desperately needs," Republican Senator Ben Sasse said.

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