Biden’s Student Loan Pay-Off Idea Is so Bad That Even Democrats are Denouncing It – Opinion

The Democrat’s latest plan to make people like them is to forgive a chunk of student loan debt, but while it sounds really nice on the surface, it’s probably not going to play out well for the economy or for the voters.

RedState has previously reported that up to $10,000 could be forgiven to people who earn less than $125,000 per monthly. Pell Grant recipients will receive $20,000.

Republicans have begun explaining how this isn’t exactly a good thing for anyone, including Democrats. Not only will it not please Democrats who would have expected more to be forgiven, it definitely won’t please Republicans who just see this correctly as debt reallocation, not forgiveness. You and I, not the one who took on the debt, will pay the bill.

This will also anger people who already have spent significant amounts of their income to repay student loans. Others will receive benefits, but they won’t be able to get any refunds. It’s not fair, and it’s not likely to play well with anyone but the most staunch of leftists.

(READ: Details Are in on Biden’s Debt Relief Plan, but Pelosi’s Prior Words Torpedo It Big Time)

It is so awful that even one Democrat openly opposed it.

New Hampshire Congressman Chris Pappas released a statement in which he tore the document to shreds.

Pappas acknowledged that student loan debt was “crushing families” but noted that Biden sidestepping congress to control the national purse is no way to go about doing this.

“Any plan to address student debt should go through the legislative process, and it should be more targeted and paid for so it doesn’t add to the deficit,” wrote Pappas.

He noted also that no solution is in place to the root problem of high education costs, which limit educational options for many Americans.

Pappas’ bravery in taking this stance is remarkable, as many Democrats will be more than happy to sign-clap any Democrat Party policy. It’s especially brave when you understand that the Democrats who are pushing the hardest for student loan debt to be forgiven have mountains of it themselves and lead some of the more radical parts of the Democrat Party.

(READ THIS: Dems Pushing for Forgiveness of Student Loans are Deeply in Debt.

According to the Daily Wire, Obama’s top economist, former Treasury Secretary and National Economic Council director Lawrence Summers, noted that this will do nothing to help the economy:

“Every dollar spent on student loan relief is a dollar that could have gone to support those who don’t get the opportunity to go to college,” Summers explained. “Student loan debt relief is spending that raises demand and increases inflation. These loans consume resources that could have been used more effectively to assist those who were unable, for whatever reasons, to go to college. It will also tend to be inflationary by raising tuitions.”

Overall, the plan to cancel student debt isn’t just wildly unfair, it’s shortsighted. Without addressing the out-of-control costs and predatory lending practices of universities, this problem won’t just go away, and taxpayers will be footing the bill for useless degrees for the rich for decades.

Although this is clearly an inept tactic in order to regain the trust of voters in a declining economy, it may prove to be a good way for Democrats.

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