WASHINGTON, D.C. (FOX 56) — Opinions are coming in from politicians and citizens alike following President Biden’s announcement regarding student loan forgiveness.
Following the announcement, Congressman Andy Barr (KY-06) and Senator Mitch McConnell published releases of their own, opposing Biden’s plan.
Kentucky Congressman Andy Barr (KY-06) released the following statement:
“During a recession that is crushing low- and middle-income Americans, President Biden wants to engineer one of the largest wealth transfers to high end earners at the expense of blue-collar workers. Democrats’ hypocrisy knows no bounds. Nearly a third of student loan debt is held by the top 20 percent of earners and 56 percent of student debt is held by households with graduate degrees. Biden’s cynical politically motivated ploy would bail out the wealthiest 20 percent of American households at the expense of other hardworking low- and middle-income Americans, setting a dangerous precedent for wealthy Americans to go to college and later expect non-college educated working families to pay off loans that they promised to pay back. I guess the left has abandoned its “tax the rich” mentality.
President Biden’s student loan bailout plan is not only unfair to hardworking taxpayers who didn’t go to college, it is a slap in the face to Americans who worked hard and paid off their student loans, or didn’t even take out loans and used their own savings. Furthermore, President Biden’s unfunded plan will add $300 billion to the national debt which has already soared to over $30 trillion as a result of Democrats’ reckless spending. Finally, this plan does nothing to discourage tuition inflation, which is the direct result of excess federal subsidization of higher education.”
Senator Mitch McConnell released the following statement:
“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.
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.”
In addition to Biden’s student loan forgiveness plan, loan payments will be kept on pause until December 25, 2022, according to the president’s announcement on Twitter.