Joe Biden is about to give wealthy Democrats a kickback for their votes. He wants American taxpayers to foot the bill for student debt held by mostly upper-middle-class left-leaning voters.
To the tune of 1 trillion dollars.
Fox Business reports:
Sen. Minority Leader Chuck Schumer urged President-elect Joe Biden to bypass Congress and cancel billions of dollars in student loan debt, arguing it should be part of a broader FDR-style agenda implemented during his first 100 days in the White House.
“Getting rid of student debt,” Schumer said during an interview with The Ink. “I have a proposal with Elizabeth Warren that the first $50,000 of debt be vanquished, and we believe that Joe Biden can do that with the pen as opposed to legislation.”
As higher education expert Preston Cooper writes, “At a cost of roughly $1 trillion, that might be the most expensive policy ever enacted by executive order.”
The Daily Signal points out:
Student loan forgiveness is a quintessential example of regressive policy. As Cooper points out, “the top fifth of households holds $3 in student loans for every $1 held by the bottom fifth.” At the same time, those with the higher levels of debt (exceeding $50,000) “almost exclusively have bachelor’s degrees.”
Moreover, as Cooper explains, 210 million adult Americans do not have federal student loan debt, compared to the 45 million who do. Student loan forgiveness demands that those 210 million Americans take on the debt of those 45 million borrowers.
Most liberals don’t have a problem with using other people’s money to pay off loans for students that decided to go into debt to fund their “colonial studies” degree. But I don’t notice them offering to pay off student loans with their own money.
@AOC lead by example and put your money where your mouth is. Pay off someones student loans.
— Brian patterson (@patterman22) November 17, 2020