BELLEVUE – It was announced today that President Biden is set to ‘forgive’ $10,000 in Student loans for those making under $125,000 and up to $20,000 of ’forgiveness’ if you went to college on Pell Grants. This is another disastrous policy set to benefit Wall Street at the expense of Main Street. The Penn Wharton Budget Model released a report indicating that this will cost the government approximately $330 Billion and cost the average taxpayer $2,100 – with 70% of the loans forgiven benefitting the top 60% of taxpayers.
“Through their actions, Democrats continue to show their disdain for Main Street,” Chairman Heimlich said. “50% of college debt is held by those seeking a graduate degree. Recent college graduates in entry-level white-collar jobs may make less than $125K per year and qualify for Biden’s loan bailout, even though in 5 years they will likely be making significantly more than the threshold. This is unfair to workers who either didn’t borrow or were responsible and paid off their debt and are now forced to pay more taxes in the future. It is no wonder why hard-working Americans are flocking to the Republican Party. Democrats are trying to make them assume the debt of future doctors, lawyers, and stock brokers.”
Nancy Pelosi, Kim Schrier’s voting guide, has unequivocally stated that President Biden doesn’t even have the authority to forgive this debt. Rep. Schrier should answer whether she agrees with Speaker Pelosi or President Biden’s unilateral action.