(The Center Square) – Alabama’s federal elected officials are weighing in on President Joe Biden’s announcement on student loan forgiveness.
The plan, President Biden announced Wednesday afternoon, calls for forgiving $10,000 in federal student loan debt that is owed by those earning less than $125,000, which one group, the Committee for a Responsible Federal Budget, said could cost taxpayers in excess of $200 billion.
However, the debt reduction for Pell Grant recipients would be set at $20,000, under Biden’s plan, while permitting borrowers to cap loan repayment at 5% of their current income.
“In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” Biden said in a statement.
Republican Rep. Gary Palmer said the decision to “write-off $300 billion” in student loan debt would only make inflation worse.
“This is an is an incredibly insensitive decision that almost entirely benefits higher wage earners who attended college at the expense of everyone else who either paid for their college educations or never attended college,” Palmer said in a release.”
Palmer called the plan a “vote-buying scheme” that would “further expose” Democrats “are not the least bit concerned that 61% of American households are now living paycheck-to-paycheck.”
In addition to further increasing the financial burden on American families, this is nothing more than a raw abuse of power by the Biden Administration. Read my full statement regarding Biden’s Student Loan Bailout Plan here: https://t.co/IneTQIqPNR pic.twitter.com/cIJba20gAm
— Gary Palmer (@USRepGaryPalmer) August 24, 2022
Republican Rep. Barry Moore called into question what lesson would be learned from forgiving student loan debt.
I joined the military, used the GI bill & started at junior college. My wife waited tables. We sweated, sacrificed & saved to pay for our college educations & borrow to start & grow our small business.What lesson is Biden sending wiping clean debts students willingly took on?
— Rep. Barry Moore (@RepBarryMoore) August 24, 2022
“I joined the military, used the GI bill & started at junior college,” Moore tweeted. “My wife waited tables. We sweated, sacrificed & saved to pay for our college educations & borrow to start & grow our small business. What lesson is Biden sending wiping clean debts students willingly took on?”
Republican Rep. Mike Roger called into question the timing of the announcement, given the fact the nation is already struggling with “record-high inflation” and “a recession.”
Our nation is already struggling with record-high inflation and a recession. Biden’s student debt scheme will only force Americans, who have already paid off their debts or who did not take on student debt, to foot the bill for his socialism.
— Mike Rogers (@RepMikeRogersAL) August 24, 2022
Democrat Rep. Terri Sewell championed the move by the Biden Administration, saying it would provide relief to middle and working class families “who need it most.”
“A good education should be a ticket to the middle class, but across the nation, the soaring cost of college has made it near impossible for many Alabamians to pursue the American dream,” Sewell said in a release. “Today’s announcement is welcome news for so many Alabamians who are being crushed by student loan debt. This targeted economic relief will provide peace of mind for those who need it most. I’m grateful to have a President who follows through on his promises and looks out for the needs of our students and working families.”
Republican Sen. Tommy Tuberville tweeted that those Americans “who chose to enter the workforce instead of going to college” will be responsible for paying off the debt.
Working families and Americans who chose to enter the workforce instead of going to college will be the ones to foot the bill. And it’s unfair to the millions of students who worked hard to pay off their student loan debt. https://t.co/ESEjH3IKsY
— Coach Tommy Tuberville (@SenTuberville) August 24, 2022
“Democrats, once again, are putting the interests of far-Left activists ahead of ALL Americans,” Tuberville tweeted. “Our economy is on the verge of a recession. We should be looking at policies that cut taxes, spending, and regulations – not adding to the tax burden & fanning the flames of inflation.”
Democrats, once again, are putting the interests of far-Left activists ahead of ALL Americans. Our economy is on the verge of a recession. We should be looking at policies that cut taxes, spending, and regulations – not adding to the tax burden & fanning the flames of inflation.
— Coach Tommy Tuberville (@SenTuberville) August 24, 2022
