Biden's Cheap Trick Get's Destroyed By A Furious Sen. Blunt
Appearing on ABC’s “This Week with George Stephanopoulos” Sunday, Senator Roy Blunt who like most Americans see's right through Biden's cheap trick to win back furious voters. Blunt slammed Biden's loan bailout saying that it is "monumentally unfair” to working families who couldn't afford to go to school.
President Biden is “canceling” (transferring) student debt for millions of Americans and forcing the rest of us to pay for it. His plan “cancels” $10,000 for borrowers who earn less than $125,000 individually or $250,000 for their household. It also includes two other forgiveness plans that bring the total cost to taxpayers up to $500 billion, a whopping $3,500 per federal taxpayer.
Simply put, we’re all going to have to pay more in taxes so that a relatively affluent slice of society doesn’t have to repay their investment on college degrees that will, on average, earn them $1 million more over a lifetime.
“I just thought it was monumentally unfair, unfair to people who didn’t go to college because they didn’t think they could afford it,” Blunt said. “Unfair to people who paid their loans back, unfair to people who got higher education in an area that the government didn’t make loans and just bad economics in addition to that. I think it’s going to have a long-term devastating effect on a student loan program that worked pretty effectively until about ten years ago when the federal government assumed responsibility for that program.”
Pres. Biden’s student loan forgiveness plan is “monumentally unfair,” GOP Sen. Roy Blunt tells @GStephanopoulos.
“Unfair to people who didn't go to college because they didn’t think they could afford it, unfair to people who paid their loans back." https://t.co/pGVP7utaTg pic.twitter.com/Mekh7n2SEr
— This Week (@ThisWeekABC) August 28, 2022
Two former economists for the Obama administration slammed the plan on Twitter earlier this week. Former Treasury Secretary and National Economic Council director Larry Summers said Monday, “[s]tudent loan debt relief is spending that raises demand and increases inflation.” Former Obama White House chief economist Jason Furman added, “[p]ouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless.” Furman also said that debt relief could create more problems by encouraging higher tuition, greater borrowing, and creating expectations of future debt forgiveness.
Blunt agreed.
“You can’t forgive that much debt and assume people won’t spend the money for other things,” he said. “It’s certainly going to take about $24 billion that should have been coming into the federal government every year in payments and make that available for more spending.”
Blunt also said that the move was likely a ploy to drum up voter enthusiasm before the midterms while ignoring the long-term consequences.
“The administration had been very hesitant to do this and here they are doing it right before the election and I think people know they got their debt forgiven,” he said. “Other people won’t know the impact that has on them or their taxes between now and Election Day.”
Brad Plumbo from Fee wrote that "People are pissed off. And for good reason, as the manifest unfairness of punishing those who scrimped and saved to bail out those who didn’t is obvious and maddening. But there’s an even deeper injustice to this: President Biden is trying to, legally, buy votes and reward his party’s voter base."
I'd also like to see the list of economists that Stephanopoulos says agree with Biden's plan compared to those who condemned the costly move. According to Stephanopoulos "most" economists praised this move but I have seen way more warning us against it. On top of that, politicians on both sides of the aisle have raised red flags against it so I really want to see where Stephanopoulos found the data to support that claim.
