‘Election Enhancing Money Grab’: Trump Blasts Biden’s Student-Loan ‘Forgiveness’
- Oops!Something went wrong.Please try again later.
Former president Donald Trump tore into Joe Biden’s executive action to “cancel” billions of dollars of student-loan debt on Thursday, saying it was an “election enhancing money grab” and to “stop voting for Democrats.”
“Joe Biden and the Radical Left Democrats have just orchestrated another election enhancing money grab, this time to the tune of $300,000,000,000 — and just like I predicted, it’s coming right out of the pocket of the working-class Americans who are struggling the most!” Trump said Thursday in a statement on Truth Social.
“Crippling inflation, unaffordable energy prices, and WAR — all things that should never have happened,” he added.
“But if that wasn’t enough, now Americans are bailing out College Administrators who fleeced students, and those who opted for Degrees there was no way they could afford. America is a nation in decline, and the cliff into oblivion is within sight,” Trump said, echoing the language he used in a recent campaign-ad style video lamenting America’s decline under Democrat control.
Biden announced a plan on Wednesday to “forgive” up to $10,000 in federal student debt for those making under $125,000 annually, and $20,000 for Pell grant recipients. He also extended the federal student-loan freeze, which has been ongoing since March of 2020, for a final time until December 31.
The total estimated cost for Biden’s one-time cancellation, just including the $10,000 relief package, is $300 billion, according to a study released Tuesday by the Wharton School of business at the University of Pennsylvania. The cost would increase to $330 billion if the program continues over the standard ten-year window, the study showed.
Biden argued that reducing the federal budget deficit will pay for the student loan “forgiveness.”
“I hear it all the time: ‘how do we pay for it?’ We pay for it by what we’ve done. Last year, we cut the deficit by more than $350 billion. This year, we’re on track to cut it by more than $1.7 trillion by the end of this fiscal year, the single largest deficit reduction in a single year in the history of America, and the Inflation Reduction Act is going to cut it by another $300 billion over the next decade,” Biden said in his speech announcing his plan.
Republican lawmakers heavily scrutinized Biden’s student loan announcement, saying that it will benefit the upper class and transfer costs taxpayers, the majority of whom didn’t go to college.
“Democrats’ student loan socialism is a slap in the face to working Americans who sacrificed to pay their debt or made different career choices to avoid debt. A wildly unfair redistribution of wealth toward higher-earning people,” Senate Minority Leader Mitch McConnell said.
