Foxx: The American People Deserve Better
WASHINGTON, D.C., August 29, 2022
President Biden finally announced his plans for federal student loan cancelation, and Americans could not be getting a worse deal. Biden’s plan does nothing to reform the federal student loan system nor address rising college costs; rather, this administration is forcing taxpayers who never went to college or who made fiscally responsible choices to fund his student loan scheme.
It bears repeating that canceled federal student loans do not disappear. Biden chose to pluck more than $2,000 from the wallets of hardworking Americans to pay off student loan debt largely held by wealthy borrowers. The American people deserve better.
In Case You Missed It via Fox News, Education and Labor Republican Leader Virginia Foxx (R-NC) in a new op-ed explains why America deserves better than Biden's student loan bailout.
Representative Virginia Foxx
August 26, 2022
The President’s long-awaited announcement to provide mass student loan forgiveness is politics at its worst. Wednesday, President Biden caved to the demands of radicals within his own party and in doing so turned his back on the hardworking Americans he has long claimed to champion.
Despite repeated warnings from economists and top advisors in his own party about the harms of this inflationary, ill-targeted action, the President took at least $2,000 out of the pocket of every hard-working taxpayer to pay the debts other people willingly took. For every student loan borrower receiving forgiveness, there are dozens of others who faithfully repaid their debts along with millions of Americans who never set foot on a college campus who are now forced to foot the bill for President Biden’s chosen few.
The American people deserve better than this.
Speaker Pelosi herself put a public stake in the ground months ago when she said that mass student loan forgiveness can only be enacted by Congress. I applaud her willingness to look past the political gimmickry and can assure her that Republicans will strongly support congressional investigation around the limits of executive authority where hundreds of billions of taxpayer dollars are at stake.
There is no such thing as forgiveness—the obligation to pay back one’s debts does not disappear into thin air just because Democrats don’t understand basic economics. Indeed, a government watchdog report found that the federal government miscalculated the cost of loan program by $311 billion dollars over the last two decades—largely due to generous forgiveness programs created by the President’s party. …
We must bring down the cost of college for middle-class families, hold schools accountable for their students’ outcomes, and help protect the ability for every individual to have an opportunity to achieve the American dream, regardless of their financial circumstance.
The American people can no longer afford the status quo. And they deserve far better than what they got today.
Read the full op-ed here.