“Shark Tank” star Kevin O’Leary said Wednesday on CNBC’s “Squawk Box” that President Joe Biden’s proposal to wipe away $10,000 of student debt for borrowers is “un-American” and a “policy born in hell.”
O’Leary said the proposal, which was first reported by The Washington Post, has no merit.
“I’m trying to find merit in this proposed policy, and I can’t. This is policy born in hell. And I’ll tell you why: nobody wins.”
“What do you tell people, generations past, that have actually paid back their debt? How about the people who are working so hard to get scholarships to excel? What do you tell them? Don’t bother? It’s free.”
O’Leary also said wiping away millions in student debt would only exacerbate the current economic crisis.
“You’re telling these people this is a big problem, meanwhile you can’t fill up your car, chicken costs 48% more, and this is at the top of the agenda for the president?”
“This is crazy,” he continued. “It’s just politically insane. It’s a kamikaze idea. Now is the wrong time for this and by the way, there’s never going to be a good time for this. This is un-American, and there’s no free money.” (RELATED: Former Obama Official Questions The Legality Of Student Loan Forgiveness)
Biden’s new student debt forgiveness plan would apply to single Americans who in the year prior made less than $150,000 and married Americans who make a combined total of less than $300,000.
Biden already extended a moratorium on student debt payments during the COVID-19 pandemic in April through Aug. 31. Data shows the vast majority of student debt is held by upper-middle class and white Americans. Still, Democrats have urged Biden to forgive millions of debt claiming the debt has a worse impact on working-class Americans and minority groups.