TWENTY-ONE REPUBLICAN GOVERNORS INCLUDING OUR TRI-STATE LEADERS HAVE SENT A LETTER TO PRESIDENT BIDEN SAYING THEY OPPOSE HIS PLAN TO FORGIVE STUDENTS THEIR FEDERAL LOAN OBLIGATIONS, SAYING THAT DEBT WOULD THEN HAVE TO BE PAID FOR BY TAXPAYERS.
THE GOVERNOR’S SAY ONLY AROUND 17 PERCENT OF AMERICANS HAVE FEDERAL STUDENT LOAN DEBT, AND YET, BIDEN’S PLAN WILL REQUIRE THEIR DEBTS TO BE REDISTRIBUTED AND PAID BY THE VAST MAJORITY OF TAXPAYERS.
THE LETTER SAYS SHIFTING THE BURDEN OF THE DEBT FROM THE WEALTHY TO WORKING AMERICANS HAS A REGRESSIVE IMPACT THAT HARMS LOWER INCOME FAMILIES.
THE GOVERNORS IN THEIR LETTER QUESTIONED WHETHER THE PRESIDENT HAD THE ACTUAL AUTHORITY TO FORGIVE SUCH LOANS.
THEY ALSO SAID THE PRESIDENT’S PLAN IS BAD ECONOMIC POLICY GIVEN THE CURRENT HIGH RATE OF INFLATION AND THAT IT TAKES AWAY THE NEED FOR PERSONAL RESPONSIBILITY.
