Rep. Calvert: Biden Student Debt Plan is Unfair and Inflationary

Statement

Today, Congressman Ken Calvert (CA-42) issued the following statement in response to President Biden's actions on student loans:

"President Biden's decision to arbitrarily forgive up to $20,000 in student loan debt for families making up to a quarter million dollars is unfair and inflationary. This move is a slap in the face of any family that saved for their child's education or any college graduates who worked tirelessly to pay off their student loans. It's also outrageous to ask the millions of hard-working Americans who didn't go to college to pony up the tax dollars to cover the costs of sending the children of upper-middle class families to college.

This debt won't magically disappear, it will be paid for by taxpayers to an estimated tune of more than $300 billion dollars, with outstanding student loan debt projected to return to its current level of $1.6 trillion in just four years. Once again, the Biden administration is advancing massive amounts of inflationary spending on the backs of American taxpayers to transfer money to its favored political supporters. This game of picking winners and losers is wrong and it's propelling our economy deeper into a recession.

President Biden's plan does nothing to address the root problem, which is the rising cost of a college education. Since 1980, the average cost of a college education has risen by 1,200%. Instead of helping to curb those costs, today's announcement will have the opposite effect and raise tuition rates across America."

Source