Wisconsin Republican Sen. Ron Johnson, during Friday night’s debate with Democrat Mandela Barnes, slammed President Joe Biden’s student loan forgiveness scheme.
Johnson explained that the student loan forgiveness scheme is “just transferred onto the back of other Americans” and is “grotesquely unfair for people who never went to college or paid off their student loans.”
The Republican senator stated:
I think it is grossly unfair. I think that people that never went to college, that saved and sacrificed to pay off their student loans, are not particularly happy that people who entered into a loan agreement now get that… It’s really forgiven. It’s just transferred onto the back of other Americans.
By the way, ever since the federal government took over the student loans program, those student loans exploded, as did the cost of college.Since the 1960s, when we started keeping track of this, the cost of colleges increased 2.7 times the rate of inflation. Largergely because we are throwing so much money into it.
What is so different about what colleges and universities spend their money on, than the rest of society? What’s different is the federal government has fueled that rising college cost — so we got to focus on that. This is grotesquely unfair for people who never went to college or paid off their student loans.
Over the summer, Biden announced his decision to forgive up to $20,000 in student debt for Americans making less than $125,000 a year. The president announced details of his plan on social media, describing it as a “campaign promise” to give “working and middle-class families breathing room” on student loans.
Shortly after Biden announced his scheme, a University of Pennsylvania’s Penn Wharton Budget Model analysis showed that the “debt cancellation alone will cost up to $519 billion,” but “depending on future IDR program details to be released and potential behavioral (i.e., “non-static”) changes, total plan costs could exceed $1 trillion.”