Former President Donald Trump joined the growing chorus of conservatives blasting President Joe Biden for attempting what Trump called “another election enhancing money grab” by canceling billions in student loan debt.
Many argue that Biden’s $300,000,000,000 move, coming on the heels of his $700,000,000 Inflation Reduction Act, will adversely impact the U.S. economy.
On Thursday morning, Trump, a fiscal conservative, warned that “working-class Americans will foot the bill,” and urged voters to “stop voting for Democrats,” according to Fox News.
In reflecting on Biden’s latest move, Trump said:
“Joe Biden and the Radical Left Democrats have just orchestrated another election enhancing money grab, this time to the tune of $300,000,000,000 — and just like I predicted, it’s coming right out of the pocket of the working-class Americans who are struggling the most!”
Trump continued. “Crippling inflation, unaffordable energy prices, and WAR — all things that should never have happened.
“But if that wasn’t enough, now Americans are bailing out College Administrators who fleeced students, and those who opted for Degrees there was no way they could afford. America is a nation in decline, and the cliff into oblivion is within sight.”
He concluded: “Stop voting for Democrats! MAKE AMERICA GREAT AGAIN!”
Biden said the $300 billion plan was simply his delivering on a campaign “commitment.”
On Wednesday evening, White House Press Secretary Karine Jean-Pierre was unable to answer Fox News reporter Peter Doocy’s question regarding who will “foot the bill” for the latest initiative. Jean-Pierre did note, however, that Biden’s plan will cancel $10,000 of federal student loan debt for borrowers making less than $125,000 per year and forgive up to $20,000 for those who secured Pell Grants. The initiative will also extend the pause on federal student loan payments through the end of the year.
A highly publicized Penn Wharton Budget Model indicated that Biden’s student loan forgiveness plan would cost taxpayers approximately $300 billion.
The Committee for a Responsible Federal Budget estimates Biden’s plan will cost U.S. taxpayers between $440 billion and $600 billion over the next 10 years.
The debt forgiveness announcement comes as the national debt is at an all-time high of $30.7 trillion and U.S. inflation rates recently spiked to a 40-year high.
However, White House officials argue that the “combination” of an extension in the pause in loan payments and the “targeted debt relief” will “largely offset” inflation.
A White House official added:
“That’s our view…if all borrowers claim the relief that they are entitled to, 43 million federal student loan borrowers will benefit, and of those, 20 million will have their debt completely canceled.”
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