The Biden administration is moving toward “canceling” billions of dollars in student loan debt, according to recent statements from administration officials. Such a move would force the student loan debt of college graduates onto all Americans, including those who never went to college. Heritage Foundation President Kevin Roberts released the following statement Monday on this unfair plan:
“President Biden wants to hit the accelerator on our nation’s record-high inflation rate with this incredibly expensive and regressive idea. Canceling student loan debt does not erase those loans. It simply shifts the responsibility for paying them off onto hard-working, fiscally responsible Americans.
“This will punish working-class Americans—who already have a harder time purchasing most goods and services thanks to Bidenflation—by injecting more than $100 billion in new dollars into the economy every year, which even Democrats say will drive up inflation. Biden is rewarding college graduates with a free or significantly discounted degree—even though they are more likely to earn a higher salary than Americans without a college degree. These students knowingly and voluntarily took out these student loans and have an obligation to repay them—not foist them onto taxpayers.
“Canceling this debt would force Americans who have either responsibly paid off their college loans or decided not to attend college, to pay for these loans through higher taxes and increased inflation.
“As former president of the Wyoming Catholic College, I have seen firsthand that such government bailouts do nothing to encourage better spending habits in colleges or potential students.
“In fact, it will incentivize academia to hike prices even higher in anticipation of additional student loan forgiveness moving forward, creating an ever-vicious cycle in which the only winners are the elites.”