The Biden Administration is canceling billions of dollars worth of student loans and he’s using our tax dollars to do it. This plan is going to increase inflation even more and in the midst of a recession no less. One GOP Senator is pushing back.
Biden is plunging our economy further into debt but this Republican has had enough
Rick Scott, a Republican senator from Florida, released an advertisement Wednesday slamming President Joe Biden for canceling student loan debt in the U.S., something the Biden administration decided to do.
According to the ad, titled “Crazy,” Biden’s plan to cancel student loan debt will destroy the U.S. economy and increase debt and spending money the country does not have. As part of its executive action, the Biden administration is forgiving $10,000 per borrower. According to CNBC, the move will clear $321 billion in federal student loans and relieve almost 12 million people of their student debt. Check out this advertisement.
Also, Biden will cancel up to $20,000 in Pell Grants.
However, Republicans like Scott say canceling student debt would simply place the burden on hardworking, taxpaying Americans
Next, Scott talked about his 11-point Rescue America plan, which he released in February and believes should be the GOP’s focus heading into the 2022 midterms.
The Biden administration has decided to move forward with a plan that would prevent the mass cancellation of student loan debt in the U.S. Scott introduced legislation in June that would prevent this.
The U.S. government has passed the Debt Cancellation Accountability Act, obtained by the Daily Caller. Congress should provide appropriations to the Department of Education so that two or more people borrowing more than $1 million can be waived, discharged or reduced from their federal student loans, rather than proceeding on a case-by-case basis.
The Biden administration’s latest move to cancel millions of dollars in student loans is yet another example of how far it will go to appease the radical left, Scott told the Daily Caller. There are millions of hardworking Americans whose lives would be ruined by a blanket forgiveness of student loans. “People who saved for their education, or who have no debt at all because they chose a career that doesn’t require a college degree, shouldn’t be on the hook to bail out people who voluntarily took on debt and now want someone else to pay for it,”
Rick Scott is right and we need more conservatives to push back on Joe Biden. At a time when inflation is soaring, the last thing we need is to print more money and increase the money supply. This plan is a catastrophe and it’s plunging Americans further into debt.