Source: United States Senator for Pennsylvania Pat Toomey
Will Cost Taxpayers over $300 Billion and Accelerate Record-High Inflation
Washington, D.C. – U.S. Senator Pat Toomey (R-Pa.) today criticized the Biden Administration’s decision to force taxpayers to pay for the cancellation of student debt. President Biden’s plan will use questionable executive authority to cancel up to $20,000 in student loans for families making up to $250,000 annually.
“President Biden’s student loan bailout scheme is a government handout to Americans making up to $250,000 annually and the higher education industrial complex. Taxpayers will foot the bill for this massive expenditure, including the vast majority of Americans who already paid off their loans, paid for tuition out of pocket, or do not even have post-secondary education nor enjoy the higher lifetime earnings associated with it,” said Senator Toomey.
“This decision will have wide-reaching, negative ramifications across America’s economy, including increasing already disastrous inflation, exacerbating America’s spending problems, and encouraging higher education institutions to raise the cost of going to college.”
Yesterday Penn Wharton released new data indicating President Biden’s loan forgiveness will cost taxpayers over $300 billion over 10 years, with the majority of relief benefitting the top 60% of income earners in the U.S.