GOP governors slam Biden’s student loan debt forgiveness plan that ‘punishes the poor’ to aid his wealthy supporters

In late August, President Joe Biden finally succumbed to intense pressure from his left flank and announced plans to “cancel” or “forgive” portions of outstanding student loan debts that would collectively cost taxpayers hundreds of billions of dollars.

Now a group of Republican state governors has sent Biden a scathing letter denouncing the president’s plan that “rewards the rich and punishes the poor,” the Daily Wire reported.

Indeed, the 22 GOP state governors, led by Iowa Gov. Kim Reynolds, took Biden to task for his redistributionist plans that would have working-class Americans who never went to college paying off part of the college debts incurred by wealthy doctors and lawyers and the professional/managerial class.

Biden’s plan “rewards the rich and punishes the poor

“As governors, we support making higher education more affordable and accessible for students in our states,” the letter stated, “but we fundamentally oppose your plan to force American taxpayers to pay off the student loan debt of an elite few — a plan that is estimated to cost the American taxpayer more than $2,000 each or $600 billion total, a price the people of our states cannot afford.”

The governors pointed out that only around one-sixth of the population held any student loan debt, “and yet, your plan will require their debts be redistributed and paid by the vast majority of taxpayers.”

“Shifting the burden of debt from the wealthy to working Americans has a regressive impact that harms lower-income families,” the letter continued. “Borrowers with the most debt, such as $50,000 or more, almost exclusively have graduate degrees, meaning hourly workers will pay off the master’s and doctorate degrees of high salaried lawyers, doctors, and professors.”

That in effect creates a “lopsided reality where the wealthy benefit at the expense of the working. Simply put, your plan rewards the rich and punishes the poor.”

Plan likely makes the problem even worse

The governors proceeded to assert in the letter that “willing borrowers” who took out student loans should be accountable for paying back what they owed at the terms they voluntarily agreed to and how unfair it was to shift that responsibility over to those who’d already paid back loans in full and especially those who’d never taken out a loan at all.

“At a time when inflation is sky high due to your unprecedented tax-and-spend agenda, your plan will encourage more student borrowing, incentivize higher tuition rates, and drive-up inflation even further, negatively impacting every American,” the governors lamented.

“Even economists from your own party oppose your plan for raising demand and increasing inflation,” the letter continued. “Rather than addressing the rising cost of tuition for higher education or working to lower interest rates for student loans, your plan kicks the can down the road and makes today’s problems worse for tomorrow’s students.”

Biden lacks authority to cancel student loan debt, per Speaker Pelosi

As a final kicker, the GOP governors questioned Biden’s dubious “authority to wield unilateral action to usher in a sweeping student loan cancellation plan,” and cited in support none other than House Speaker Nancy Pelosi (D-CA), who in July 2021 said, “People think that the President of the United States has the power for debt forgiveness. He does not. He can postpone. He can delay. But he does not have that power. That has to be an act of Congress.”

President Biden almost certainly overstepped his authority, likely made the student loan debt problem worse, and shifted the burden of that debt onto those who can least afford it — all to placate and rally a small but vocal portion of his far-left progressive base ahead of a decidedly crucial midterm election cycle.

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