With Radicals Controlling Campuses, Biden Admin. Plows Forward On Student Loan Socialism
‘Families across the country are still struggling with sky-high prices and soaring interest rates. It’s harder to fill the refrigerator and the gas tank, tougher to buy a house or a car. But President Biden thinks that this is the time to send billions of working Americans’ tax dollars to the college graduates who already have a leg up in earning potential. Now, let’s remember: the Supreme Court already declared this policy illegal.’
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:
“Last week brought news that some of the biggest names backing President Biden’s re-election campaign are also behind major left-wing groups stoking campus chaos – from training on occupation and resistance tactics to outright Hamas apologetics.
“And as the Democratic Party’s biggest donors fund campus radicals’ anti-Semitic sabbatical…
“…the Biden Administration is still trying to cover the cost of tuition for the classes they’re missing.
“The Administration’s student loan socialism scheme would force working families around the country to cover college degrees for the nation’s highest earners. It’s hard to conceive of a more patently regressive social policy.
“By one analysis, the highest earning fifth of American households hold nearly a third of all student debt. By contrast, the lowest-earning fifth hold only 8% of student debt.
“Families across the country are still struggling with sky-high prices and soaring interest rates. It’s harder to fill the refrigerator and the gas tank, tougher to buy a house or a car.
“But President Biden thinks that this is the time to send billions of working Americans’ tax dollars to the college graduates who already have a leg up in earning potential.
“Now, let’s remember: the Supreme Court already declared this policy illegal.
“Just last summer, the Supreme Court ruled that the executive branch lacked the statutory authority to implement blanket student loan forgiveness.
“Well, like many of the chaos agents who have taken over college campuses in recent weeks, President Biden seems to have no problem disregarding the law.
“We’re talking about a scheme that’s already spent hundreds of billions of taxpayer dollars.
“And the proposed rule Administration bureaucrats placed in the Federal Register would cost nearly $150 billion more and has already drawn over twenty-eight-thousand comments from the public.
“Here’s what some of these frustrated taxpayers have to say:
“Quote: ‘There is no such thing as free money…As a homeowner, we are not getting mortgage forgiveness.’
“Quote: ‘This would be a burden on taxpayers. This would be unfair to people that have already paid student debt, or those who have paid down significantly student debt.’
“And one particularly frustrated taxpayer said this, quote: ‘I acquired $30k in student loan debt…which required hard decisions and accountability. I work[ed] the entire time I was in college both during the school year, summers and breaks. … It meant instead of buying an expensive car or getting a nice apartment I lived within my means and PAID… my student loan payment every month that I agreed to make.’
“The American people know the President is handing them a raw deal.
“But apparently, either he isn’t listening or he doesn’t care.”
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Related Issues: Education
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