Republican Rep. Lauren Boebert (R-CO) has fired back at Joe Biden’s “student debt forgiveness stunt,” demanding that the Democrat president is investigated by the Federal Election Commission (FEC).
Boebert joined Sen. Marsha Blackburn (R-TN), other leading figures in the Republican Party, and even an Obama economist, in blasting President Biden for his plan to wipe student loan debts.
The scheme uses taxpayer money to pay off student debts for college-educated voters.
However, many are accusing Biden of using tax dollars to “buy votes” for the Democrats ahead of the November midterms.
“President Biden’s decision to waive student loan debt will increase inflation and is another gift to the rich,” Blackburn said.
“Tennesseans should not be forced to pay for coastal elites to get their Ph.D. in gender studies.”
President Biden’s decision to waive student loan debt will increase inflation and is another gift to the rich.
Tennesseans should not be forced to pay for coastal elites to get their PhD in gender studies.
— Sen. Marsha Blackburn (@MarshaBlackburn) August 24, 2022
“President Biden isn’t ‘canceling’ debt, he’s shifting it onto everyone, including the majority of Americans who chose not to get a degree,” Sen. Mike Braun (R-IN) said.
“This will make inflation worse, and we should focus on getting more value out of colleges rather than giving them a reason to hike prices.”
“What about Americans who already paid off their student loans?” Rep. Jim Jordan (R-OH) said.
“Joe Biden should have to report this student debt forgiveness stunt to the FEC as it’s nothing but a scheme to buy votes,” Boebert (R-CO) said.
“There is no such thing as debt forgiveness. It’s a misnomer.
“That national debt is about to skyrocket even more.”
Joe Biden should have to report this student debt forgiveness stunt to the FEC as it’s nothing but a scheme to buy votes.
There is no such thing as debt forgiveness. It’s a misnomer. That national debt is about to skyrocket even more!
— Lauren Boebert (@laurenboebert) August 24, 2022
“Grossly unfair to families who didn’t send their kids to college or managed to pay off their student debt,” Sen. Ron Johnson (R-WI) said.
“Democrats have become the party of the elite.”
“The median American with student loans already has a significantly higher income than the median American overall,” Senate Minority Leader Mitch McConnell said.
“President Biden’s inflation is crushing working families, and his answer is to give away even more government money to elites with higher salaries.
“Democrats are literally using working Americans’ money to try to buy themselves some enthusiasm from their political base.”
Jason Furman, the one-time chief economist to former President Barack Obama, blasted Biden’s plan as “worse than reckless.”
“Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless,” Furman said.
“Doing it while going well beyond one campaign promise ($10K of student loan relief) and breaking another (all proposals paid for) is even worse.
“The White House fact sheet has sympathetic examples about a construction worker making $38K and a married nurse making $77,000 a year.
“But then why design a policy that would provide up to $40,000 to a married couple making $249,000?
“Why include law and business school students?
“BTW, those examples also contradict the baseline some have concocted to claim that this won’t raise inflation.
“The claim it won’t raise inflation is based on the construction worker going from permanently paying $0 interest to paying $31 a month at an annual cost of $372.
“You can’t use one baseline (interest payments suspended) to argue this will constrain demand & then a different baseline (interest payments restored) to describe the benefits.
“That is incoherent, inconsistent & indefensible cherry-picking–I hope the White House doesn’t do it.
“Also need to be careful with all of the distributional numbers because the beneficiaries will tend to have higher lifetime incomes than current incomes.
“A 24-year-old making $75,000 is likely to be at a relatively high percentile on a lifetime basis.
“There are a number of other highly problematic impacts including encouraging higher tuition in the future, encouraging more borrowing, creating expectations of future debt forgiveness, and more.
“Most importantly, everyone else will pay for this either in the form of higher inflation or in higher taxes or lower benefits in the future.”
“Finally, it’s not obvious to me that this is reasonable for a President to do unilaterally,” Furman added.
“A number of lawyers (and political leaders) have argued inconsistent with the law. Even if technically legal I don’t like this amount of unilateral Presidential power.”
Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless. Doing it while going well beyond one campaign promise ($10K of student loan relief) and breaking another (all proposals paid for) is even worse.
— Jason Furman (@jasonfurman) August 24, 2022