Senator Pat Toomey is speaking out against the Biden Administration’s decision to cancel student debt. Under the new plan, taxpayers will be responsible for paying off up to $20,000 in student loans for families making up to $250,000 annually. This move has been criticized by many, as it will use questionable executive authority to force people to pay for someone else’s education.
Toomey asserts that President Biden’s student loan bailout plan is a government handout to Americans making up to $250,000 annually and the higher education industrial complex. “Taxpayers will foot the bill for this massive expenditure, including the vast majority of Americans who already paid off their loans, paid for tuition out of pocket, or do not even have post-secondary education nor enjoy the higher lifetime earnings associated with it,” said Senator Toomey.
“This decision will have wide-reaching, negative ramifications across America’s economy, including increasing already disastrous inflation, exacerbating America’s spending problems, and encouraging higher education institutions to raise the cost of going to college,” Toomey continued.
Penn Wharton recently released new data indicating that President Biden’s loan forgiveness will cost taxpayers over $300 billion over 10 years. The majority of relief will benefit the top 60% of income earners in the U.S., raising questions about the effectiveness of the policy. On the one hand, some argue that the relief is necessary to help those who are struggling to repay their loans. Others, however, contend that the policy is unfair and that the money would be better spent on other priorities. The data from Penn Wharton provides valuable insight into the potential cost of the policy, and it will be interesting to see how the debate unfolds in the coming weeks.
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