Democrats are guilty of magical thinking when it comes to eliminating student loans. At least the adults in Congress are pushing back against the fanciful wishes of President Joe Biden.
A group of GOP Senators proposed legislation that would prevent the president from canceling student debt, TheBlaze reported. Biden and the Democrats have been toying with the idea of eliminating up to $50,000 in college loans through government fiat.
The group of Senators, including Sens. Richard Burr of North Carolina, Thom Tillis of North Carolina, Tim Scott of South Carolina, Mitt Romney of Utah, and Bill Cassidy of Louisiana, are hoping to put the brakes on Biden’s potential giveaway. Dubbed the Student Loan Accountability Act, the legislation seeks to block what many see as a grave injustice.
In a news release from the lawmakers, Burr outlined the problem with the concept. “Taxpayers who did not attend higher education or paid off their student loans responsibly should not be footing the bill for those who didn’t,” the North Carolina lawmaker said.
“Not only is that patently unfair, it doesn’t solve the root problem. Canceling student loan debt unilaterally will only encourage colleges and universities to further increase tuition and encourage future borrowers to take out even riskier loans,” Burr added.
Former Federal Reserve hair Ben Bernanke also ripped Democrats for such blatant injustice. “It would be very unfair to eliminate,” he said. “Many of the people who have large amounts of student debt are professionals who are going to go on and make lots of money in their lifetime,” he added.
So why would we be favoring them over somebody who didn’t go to college, for example?” Bernanke said. The new bill would block any avenue for erasing student debt by prohibiting “the Department of Education, Department of Justice, and the Department of Treasury from taking any action to cancel or forgive the outstanding balances, or portions of balances, of covered loans.”
The GOP proposal is likely dead in the water while Democrats have Congress and the presidency. However, the 2022 midterm elections are just around the corner — and so is a Democratic defeat.