Biden wants you to pay off everyone's student loans
This month, the Biden administration continued to push their reckless spending spree. Their latest idea? Paying off student loans for those making up to $250,000 with your tax dollars.
This tuition bailout is going to cost at least $300 billion and will primarily help the top 60% of earners, according to a Penn Wharton analysis. In order to pay for this, all taxpayers - many who likely never had college loan debts or already paid theirs off - will take on the debt of a select, often well-off few. To add insult to injury, it comes at a time when every American is feeling the pain of record inflation. When Americans are paying more for just about everything, the last thing we need is more taxes.
This plan is not going to solve the student loan problem in this country. It is not going to prevent future students from taking out loans, and it is not going to decrease the cost of tuition, which has been skyrocketing for years.
Furthermore, this plan may not even be legal. It is very likely we are going to find that the president may not have the authority to "forgive" student loan debt. This would likely need to be done through an act of Congress. And you can be sure that I will continue to fight against any bill that adds unnecessary and unfair tax burdens to American families. |