McConnell: Biden Admin.’s Student Loan Socialism Found Illegal Yet Again
‘Working families are struggling with high prices and high interest rates - the direct, predictable result of the Biden Administration’s runaway spending spree. But now Washington Democrats expect them to pay the bills of some of the highest earning elites? Talk about adding insult to injury.’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding student loan socialism:
“Late last month, two judges approved by President Obama ruled against one of President Biden’s cornerstone efforts to buy votes: the so-called SAVE plan.
“By one estimate, this iteration of the Biden Administration’s student loan socialism scheme would transfer about half a trillion dollars from borrowers to taxpayers by arbitrarily lowering payments for those who borrowed less than $12,000.
“Now as I’ve mentioned before, this policy is not just costly. It’s profoundly unfair.
“Working taxpayers who opted not to attend college, folks who worked their way through college to avoid taking out loans, and families who sacrificed and saved for their children’s education, are all now on the hook to pay someone else’s bills.
“Even left-leaning scholars have noted that this policy is regressive. By one analysis, nearly one third of all student debt is held by the highest earning fifth of American households. Meanwhile, the lowest-earning fifth of households hold only 8% of the debt.
“Just last month, one Congressional staffer earning more than $80,000 thanked President Biden publicly on social media for forgiving his $8,000 student loan.
“Working families are struggling with high prices and high interest rates – the direct, predictable result of the Biden Administration’s runaway spending spree. But now Washington Democrats expect them to pay the bills of some of the highest earning elites? Talk about adding insult to injury.
“Even Obama-appointed judges are now agreeing with Republicans that the policy is illegal. Last month’s rulings confirmed that the President does not have the authority to wave a magic wand and lower student loan payments.
“Washington Democrats love to crow about how the federal judiciary has been co-opted by shadowy right-wing extremists. They’ve gone to shameful lengths to degrade the legitimacy of the institution of the Supreme Court.
“But when even judges appointed by a Democratic President are siding with the Republicans, it might be time for our colleagues to look in the mirror and ask who the extremists really are.”
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Related Issues: Education
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