Democrats’ Inflation and Unfair Student Loan Socialism Hurts Georgians and All Americans
‘A few months ago, the Biden Administration decided to insult working Americans by unleashing yet another reckless giveaway that would actually transfer even more wealth toward highly educated people who already tend to be more well-off… Washington Democrats’ top priority is making sure that California doctors and Manhattan lawyers don’t have to pay their debts. Even if it causes even more inflation. While working people in Georgia keep getting buried.’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding inflation and student loan socialism:
“The Capitol may be preparing for the next Congress, but hardworking Americans are still being hurt every day by the reckless, radical, party-line spending that Democrats rammed through during this Congress.
“Since President Biden took office and his all-Democratic government fired up the printing presses, our nation has been hit with 13.9% inflation.
“In the state of Georgia, inflation’s even worse — it’s closer to 15% since January of 2021. Families are having to pay hundreds of dollars extra every month just to maintain their standard of living from before the Democrats got power, let alone trying to get ahead. The many Georgia families who can’t afford it are falling farther and farther behind.
“Housing inflation alone is costing the average Georgia household an extra $137 every month.
“Overall energy costs are up more than 9% in the Atlanta area just in the last 12 months alone.
“As we head into winter, nearly four in ten households in Georgia use natural gas as their main heating fuel. Residential natural gas prices have skyrocketed more than 200% on President Biden’s watch.
“The state’s natural gas prices are way, way higher than the national average. And that’s before you even get to the brand-new natural gas tax that both of Georgia’s Senators voted to pass into law just a few months ago.
“The Democrats have passed radical policy on top of radical policy — and it’s bought hardworking Americans like the people of Georgia pain on top of pain.
“But Washington Democrats still aren’t finished.
“A few months ago, the Biden Administration decided to insult working Americans by unleashing yet another reckless giveaway that would actually transfer even more wealth toward highly educated people who already tend to be more well-off.
“As one study found, ‘upper-income households account for a disproportionate share of student loan debt.’ That makes sense — they borrowed money to obtain a credential that tends to push up people’s salaries in the future.
“But President Biden decided that working people who worked their way through college, or already paid off their debt, or planned entirely different careers to avoid student loans altogether — President Biden says all those people will now be picking up the tab for doctors’ and lawyers’ graduate studies.
“By the way, as our colleague from West Virginia, Senator Manchin, has himself admitted, this one reckless move would more than eclipse the supposed deficit reduction that Democrats claimed they bought with their so-called ‘Inflation Reduction Act.’
“Even according to the generous estimates of that bill’s savings that Democrats liked, this student loan socialism cannibalizes it all. All the supposed savings that the senior Senator from West Virginia was promised, just gone, in the blink of an eye. Apparently the White House was planning the bait-and-switch all along.
“Now, not surprisingly, President Biden’s attempt to circumvent Congress and implement student loan socialism on his own has created some legal trouble.
“After all, it was Speaker Pelosi herself who admitted just months before the Administration rolled out this plan that they actually lacked the proper legal authority to do it!
“Earlier this week, a panel of the 8th Circuit issued an injunction preventing the Biden Administration from going forward with its plan.
“But reportedly, President Biden’s team are so desperate to make inflation even worse in this fashion, they are planning to extend student loan socialism anyway by extending their endless moratorium on payments.
“Washington Democrats’ top priority is making sure that California doctors and Manhattan lawyers don’t have to pay their debts. Even if it causes even more inflation. While working people in Georgia keep getting buried.”
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