Joe Biden has just made a ” inflationary, expensive mistake.”
Transferring student debt to those who didn’t accumulate it.
That’s the opinion of the Washington Post‘s Editorial Board, who wrote a scathing review about Biden’s recent decision.
The debt isn’t just going away.
Instead of those who collected the debt paying it back though, the fees are going to be paid via “American taxpayers footing the bill.”
The paper cited a 2019 study from the American Enterprise Institute that said the “greatest beneficiaries will be from high-income families.”
Additionally, the move was expected to fuel 40-year-high inflation even more.
“Students from high-income and low-income families were just as likely to take on debt for their first year in an undergraduate program — and students from high-income families borrowed the largest amounts.”
WH cannot say how much the student loan forgiveness plan will cost and cannot say how it will be paid for but argues the value is worth the costs
— Kelly O'Donnell (@KellyO) August 25, 2022
Let’s not forget that Nancy Pelosi swore up and down that Biden didn’t have the power to remove student debt.
NANCY PELOSI in April: “People think that the president of the United States has the power for [student loan] debt forgiveness. He does not.”pic.twitter.com/0iz8uQeKXG
— RNC Research (@RNCResearch) August 23, 2022
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