Disclaimer: This article may contain the personal views and opinions of the author.
Johnny “Joey” Jones, a retired Marine certain and Fox News contributor, called out President Biden’s student loan forgiveness plan on Twitter.
He claimed it was unfair to those who sacrificed their livelihood for the possibility of attending college one day.
The “Student Loan Relief for Borrowers Who Need It Most” is a three-part plan that promises to cancel $10,000 of student debt for individuals whose income is less than $125,000 and married couples who make less than $250,000.
The Department of Educatin will also provide up to $20,000 in debt cancellation to Pell Grant recipients.
“I cannot believe I gave two legs for my tuition. What a dope I am. Ooh-rah!” Jones wrote.
Jones lost both legs and also suffered damage to his right forearm and both wrists in 2010 while serving as an Explosive Ordiance Disposal technician in Afghanistan.
An analysis by the Penn Wharton Budget Model estimates that the cancellation will cost the federal government $329.7 billion over the next 10 years–with up tp 73% of teh cancellations assisting households in the top 60% of earners in the U.S.
The New York Post shared about the tax burden this will place on all Americans:
Based on that analysis, the National Taxpayers Union Foundation worked out the average cost of Biden’s announcement to $2,085.59 per taxpayer.
Some may dispute that taxpayers bear the cost of canceling student debt… But the $329 billion cost of student debt cancellation would be $329 billion previously borrowed from the federal government and not returning to the Treasury. Policymakers will need to make up for that gap in the future with government spending cuts, tax increases, more borrowing, or some combination thereof.
Student loans are still paused and the current phase has been in effect since March 2020 when president Trump ordered a halt to collections when the COVID-19 pandemic began. Biden extended the moratorium to the end of August on April 6 of this year.
However, Biden announced that the pause on student loans will be extended to December 31, 2022 and resume in January 2023.
Many people on the Right are unhappy about the plan, but some people on the Left think the plan doesn’t do enough.
“If the rumors are true, we’ve got a problem,” NAACP president Derrick Johnson told the AP.
“President Biden’s decision on student debt cannot become the latest example of a policy that has left black people — especially black women — behind,” he said. “This is not how you treat black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.”
Most Americans beleive student loan forgiveness will worsen inflation.
A CNBC survey conducted among 5,412 adults revealed that 59% of adults ages 18 to 34 think that debt cancellation will make the U.S. economic situation worse, with 60% of adults ages 35 to 64 agreeing.
80% of Republicans thought that loan forgives would be a detriment to the economy.
