Biden Admin. Takes Another Run At Student Loan Socialism
‘Whichever way you slice it, the President’s policy is a raw deal for working Americans who have made sacrifices to pay off their student loans, or avoided debt altogether. But with taxpayers footing the bill, it’s also a powerful incentive for schools to raise the cost of college even higher!’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding student loan socialism:
“Today, the Senate will vote on yet another bipartisan resolution to overturn a harmful Biden Administration regulation.
“In its latest iteration, the Administration’s bid for student loan socialism – its so-called ‘Income Driven Repayment’ scheme – would likely go down as the most expensive federal regulation in our history.
“Leading estimates predict this policy would heap a $559 billion-dollar bill onto the taxpayers over the next decade. In exchange, a majority of the high-earning borrowers who choose to take on student debt would avoid even paying back the principal they borrowed.
“The Administration’s plan would actually remove the guardrails that ensure federal loan relief goes to low-income households. Apparently, loyal blue-state doctors and lawyers are the most important beneficiaries of student loan socialism.
“Whichever way you slice it, the President’s policy is a raw deal for working Americans who have made the sacrifices to pay off their student loans, or avoided debt altogether. But with taxpayers footing the bill, it’s also a powerful incentive for schools to raise the cost of college even higher!
“A bipartisan majority of our colleagues has already rejected this socialist fever dream. And President Biden’s first attempt at massive loan cancellation was struck down by the Supreme Court.
“But today, thanks to the leadership of Chairman Cassidy and Senators Thune and Cornyn, the Senate has another chance to kick student loan socialism to the curb.
“I urge my colleagues to support their resolution later today.”
Related Issues: Congressional Review Act