Senate Republicans Continue to Stand Against Student Loan Socialism
‘ Democrats tried to serve working families a raw deal. And by all accounts, they’ll try again. But Senate Republicans will continue to stand against radical student loan socialism - in whatever form it may take.’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the Supreme Court:
“Last month, the Supreme Court included in its most consequential rulings of the term a major blow to the Biden Administration’s sprawling conception of executive branch power.
“For years, the Administration grasped for a way to deliver a big dose of catnip to Washington Democrats’ wealthy blue-state base in the form of student loan socialism.
“They had dreamed up a reverse Robin Hood system of taking from working families to pay off the student loans of highly-educated professionals – moving hundreds of billions of dollars in outstanding debt from high-earning doctors and lawyers onto the taxpayer’s tab.
“Madam President, the median college graduate earns 55% more than the median worker who holds a high school diploma. And the wealthiest households in the country hold a disproportionate share of America’s student debt.
“But Democrats are hell-bent on forgiving that debt at the expense of folks who carefully saved, paid off their debt, or avoided it altogether.
“Of all the ways Washington Democrats have dreamed up to waste taxpayer dollars and betray the trust of working Americans, this one may well have taken the cake. But when the Biden Administration picked an especially outlandish vehicle for enacting their scheme, the Supreme Court got involved.
“Just a couple weeks ago, the Court ruled that twenty-year-old ‘emergency’ authorities designed during the War on Terror did not permit the President to ignore Congress and unilaterally cancel debt for his party’s most reliable supporters.
“As Chief Justice Roberts put it in the opinion of the Court, the Administration’s plan, ‘’modified’ the cited provisions’ of existing authorities ‘only in the same sense that the French Revolution ‘modified’ the status of the French nobility’!
“Washington Democrats tried to serve working families a raw deal. And by all accounts, they’ll try again.
“But Senate Republicans will continue to stand against radical student loan socialism – in whatever form it may take.”