On Wednesday night, House Minority Leader Kevin McCarthy labeled President Biden’s latest motion for student debt forgiveness as "socialist." This, followed by Thursday’s remarks by Joe Biden that he’s considering all options of approach, has ignited a debate on the issue within Congress.
On Twitter, McCarthy posted a list labeling "high earners" and "colleges and universities" as winners if student loan debt is forgiven, since professions such as doctors and lawyers amass as much as 39 percent of America’s overall student loan debt. Colleges and universities would also feel free to hike tuition prices even higher since the government would pay the bill.
FACT ? Debt cannot be "forgiven." It can only be transferred. Someone always has to pay. ?
— Kevin McCarthy (@GOPLeader) April 28, 2022
As Socialist Democrats plot a transfer of student loan debt, here is who wins and who loses: pic.twitter.com/q8np28j6bP
Thus, the losers column involves future generations of students and taxpayers who would be burdened with paying back this debt. A point that McCarthy believes hits home during this period of heightened inflation under the Biden administration.
On Thursday, President Biden said he was "taking a hard look" at cancelling federal student loan debt to some degree. While promising a decision within the next month on the matter, he ruled out the idea of cancelling $50,000 per person.
White House Press Secretary Jen Psaki responded to inflation concerns like McCarthy’s during Thursday's press conference, watering the discussion down by saying no formal proposals have yet been made by Congress.
Reporter to Psaki: "On student loan debt ... What do you say to people ... who are concerned that cancelling student debt will have an inflationary impact?" pic.twitter.com/lEHq8Tbvam
— The Post Millennial (@TPostMillennial) April 28, 2022
The debate is playing out with other US politicians in statements on social media.
Elizabeth Warren has long since been a leading proponent of cancelling student debt.
We don’t ask 2nd-graders or 12th-graders to take out loans to go to school. But trade schools, community colleges, & universities are also vital for a 21st century economy—and our system buries students in debt. We need to put higher ed within reach for all & #CancelStudentDebt.
— Elizabeth Warren (@ewarren) April 28, 2022
Rep. Pramila Jayapal framed it as a now-or-never type situation in terms of Democrats delivering on party promises.
Nearly 90% of young people want us to take action on student debt. What are we waiting for?
— Pramila Jayapal (@PramilaJayapal) April 27, 2022
We promised action and now we must deliver. Cancel student debt, @POTUS.
Florida Senator Rick Scott thought it was hypocritical for Ilhan Omar to advocate for student loan debt forgiveness, given her position in Congress in contrast to the impact it’d have on working class Americans.
.@Ilhan makes $175,000 a year as a member of Congress.
— Rick Scott (@SenRickScott) April 28, 2022
Democrats actually believe that the taxes of hardworking folks, like truck drivers & construction workers, should go toward bailing out other people’s student loans. It makes no sense. https://t.co/t7AaExlNXS
Senator Romney thinks it’s a last-minute ploy by the left that’s being pulled out to save Democrats some grace with voters in this year’s midterm elections.
Desperate polls call for desperate measures: Dems consider forgiving trillions in student loans. Other bribe suggestions: Forgive auto loans? Forgive credit card debt? Forgive mortgages? And put a wealth tax on the super-rich to pay for it all. What could possibly go wrong?
— Mitt Romney (@MittRomney) April 27, 2022
"Eliminating student loans is a gift to the rich," says Senator Marsha Blackburn of Tennessee.
Eliminating student loans is a gift to the rich. https://t.co/8FhdueUivl
— Sen. Marsha Blackburn (@MarshaBlackburn) April 28, 2022
This issue of student loan repayments came about at the onset of the COVID pandemic, when in March 2020 federal loans were temporarily suspended as a form of financial relief. But throughout the past several months of the Biden administration, the deadline for reactivating debt repayment was delayed multiple times: from January 2022, to May 2022, to the end of August 2022.
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