Conservative critics of former President Donald Trump blasted President Joe Biden’s executive order forgiving billions of dollars in student loans, arguing the plan is regressive and will make inflation worse.
Biden announced on Wednesday that the federal government would forgive $10,000 in student loans for individuals making less than $125,000 a year, and $20,000 for couples making up to $250,000 and individuals who received Pell Grants. The move is expected to cost taxpayers up to one trillion dollars, averaging out to roughly $6,000 per taxpayer. Most economists agree that student debt relief disproportionately benefits middle and upper-class Americans, particularly those with graduate degrees.
The Atlantic columnist David French argued that the loan forgiveness plan is both economically irresponsible and morally unfair. “The idea that powerful constituencies can game American politics to their advantage engenders an immense amount of righteous bitterness. And so it is with debt forgiveness. One of the most powerful and privileged communities in all the world—American college graduates—has gained for itself a great victory, but it’s a victory at the expense of people who face greater economic challenges and enjoy fewer career opportunities,” he wrote.
French’s fellow Atlantic columnist Tom Nichols blasted Biden’s order as “mov[ing] up the timetable” for “college-educated people to [buy] a house.”
“Thank God,” he joked.
Thank God that we’ve finally moved up the timetable of the ability of college-educated people to by a house by two or three years. the 60+ percent of Americans who didn’t go to college are happy to help pay off $300 billion for your happiness. https://t.co/S7tJE90MrE
— Tom Nichols (@RadioFreeTom) August 24, 2022
Several conservative legal experts have argued that Biden does not have the authority to unilaterally cancel student loans. The White House is claiming that a 2003 law intended to support soldiers who served in the post-9/11 wars grants them the authority to do so, but the Job Creators Network and other organizations are considering suing to block implementation. (RELATED: Democrats In Competitive Races Criticize Biden’s Student Loan Gambit)
Retiring Republican Illinois Rep. Adam Kinzinger cited Harvard economist Jason Furman’s claim that the move will cause tuition to increase.
Of course they do. But many people don’t have degrees and now are bailing out those who do.
Not to mention what it will do to inflation and the cost of school. Twitter may have an opinion but I’m not alone with my concerns. Of course on twitter we default to angry attacks. https://t.co/bjHteGqMR0
— Adam Kinzinger🇺🇦🇺🇸✌️ (@AdamKinzinger) August 25, 2022
Republican Utah Sen. Mitt Romney chimed in on Twitter writing, “Sad to see what’s being done to bribe the voters. Biden’s student loan forgiveness plan may win Democrats some votes, but it fuels inflation, foots taxpayers with other people’s financial obligations, is unfair to those who paid their own way & creates irresponsible expectations.”