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Recent reporting suggests the Biden administration will cancel some or all student loan debt. Such a move ignores the devastating impacts—from exacerbating inflation to increasing college costs—this will have on working Americans. All in all, President Biden’s proposal is a gut-punch to those who worked to save up for college and those who have already paid off their own student loans.

In Case You Missed It via the Wall Street Journal, a rural Missourian shares how his grandson’s life will be made worse by the Biden administration’s student loan forgiveness scam. 

Student Loan Forgiveness Makes My Grandson a Chump
By Blake Hurst
June 8, 2022
 
My grandson Aaron is 18 and preparing to enter college this fall. He has been a defensive end of some skill, a pitcher on his high-school baseball team, a trumpet player and a thespian. He was salutatorian of his high school class.
 
He’s also a chump.
 
His mom tells me that she and her husband have saved enough money to pay four years of out-of-state tuition at one of the top agricultural engineering schools in the nation, Iowa State University.
…
This summer he’s working construction, helping build a house. He’s also picking up extra hours by helping out at a fireworks stand…I asked Aaron what he did there. He says he lifts heavy boxes and moves them from one place to another.
 
…The path to financial responsibility and adulthood is filled with unpleasant, some may say demeaning, tasks. But these tasks are essential to developing responsible and productive citizens. Or at least they used to be.
 
Sen. Elizabeth Warren and Majority Leader Chuck Schumer support a plan to forgive as much as $50,000 in student loans per borrower, and according to the Washington Post, the Biden administration is preparing to announce a plan that would forgive $10,000 in loans, phasing out that gift at $150,000 in income for a taxpayer filing individually and $300,000 for a couple filing jointly.
 
Aaron and his parents have worked for years to pay for his college education, which seems both admirable and foolish. Clearly a better strategy would be to borrow as much as possible and let taxpayers foot the bill.
…
But if the administration goes ahead with its plans, a large part of the work Aaron has done will have been for naught. The funds from forgiven loans could have replaced the money he earned through hard work. At 18, he may not comprehend the value of work, but he’ll certainly get that he’s been played for a fool.

Read the full op-ed here.