Eat the rich? With Biden student debt plan, it’s more like devour the working class
Democrats often say they’re the party of the working class, but President Joe Biden’s Student Debt Relief Program shows they’re implementing policies that actually hurt the working class — and benefit the elite.
Today, the Biden administration unveiled a plan to offer up to $20,000 in loan forgiveness for individual borrowers who make less than $125,000; for households, the limit is $250,000. This plan is flawed on many levels — starting with the false notion that it helps the middle class.
For starters, this “relief” or “forgiveness” has to come from somewhere — there’s no tree in Washington printing debt relief money, so it will cost taxpayers about $373 billion. It is a transfer of wealth. People with lower incomes or who never went to college and incurred debt will wind up subsidizing this debt.
Even though those who went to college and earned a degree and make more than the stated limit can’t benefit, most shouldn’t need it. Under the guise of empathy, the Biden administration will be forcing people who make less to pay the debt of people who make more.
Biden’s program is a slap in the face to hard-working Americans who have not only already paid for college without such aid through extra shifts, tighter budgets and longer hours, but also for the hardworking men and women who will now subsidize this debt while struggling to make ends meet.
According to the Brookings Institution, a Washington-based think tank, forgiving just $10,000 of debt involves a transfer of money “that is about as large as the country has spent on welfare … since 2000 and exceeds the amount spent since then on feeding hungry school children in high-poverty schools through the school breakfast and lunch program.”
If Biden really wanted to help poor people, he could have put the same funds toward programs that help feed families struggling with 9% inflation.
Democrats might not set out to represent the elite, but they certainly aren’t helping the working class like they say, either.
This story was originally published August 24, 2022 at 1:59 PM.
