Washington, D.C.— U.S. Congressman Andy Barr (KY-06) released the following statement on President Biden’s inflationary student loan giveaway:
“During a recession that is crushing low- and middle-income Americans, President Biden wants to engineer one of the largest wealth transfers to high end earners at the expense of blue-collar workers. Democrats’ hypocrisy knows no bounds. Nearly a third of student loan debt is held by the top 20 percent of earners and 56 percent of student debt is held by households with graduate degrees. Biden’s cynical politically motivated ploy would bail out the wealthiest 20 percent of American households at the expense of other hardworking low- and middle-income Americans, setting a dangerous precedent for wealthy Americans to go to college and later expect non-college educated working families to pay off loans that they promised to pay back. I guess the left has abandoned its “tax the rich” mentality.
“President Biden’s student loan bailout plan is not only unfair to hardworking taxpayers who didn’t go to college, it is a slap in the face to Americans who worked hard and paid off their student loans, or didn’t even take out loans and used their own savings. Furthermore, President Biden’s unfunded plan will add $300 billion to the national debt which has already soared to over $30 trillion as a result of Democrats’ reckless spending. Finally, this plan does nothing to discourage tuition inflation, which is the direct result of excess federal subsidization of higher education.”