GOP Senator Blunt: Biden’s Student Loan Cancellation ‘Monumentally Unfair,’ Will Have ‘Long-Term Devastating Effect’ | Eastern North Carolina Now | Sen. Roy Blunt (R-MO) blasted the Biden administration’s decision to cancel $10,000 in federal student loan debt for most borrowers.

Coronavirus Disease 2019 (COVID-19)
    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is John Rigolizzo.

    Sen. Roy Blunt (R-MO) blasted the Biden administration's decision to cancel $10,000 in federal student loan debt for most borrowers.

    Appearing on ABC's "This Week with George Stephanopoulos" Sunday, Blunt said the unilateral decision to forgive the loans was "monumentally unfair" and also slammed the "bad economics" and the impact the policy would have on already sky-high inflation.

    "I just thought it was monumentally unfair, unfair to people who didn't go to college because they didn't think they could afford it," Blunt said. "Unfair to people who paid their loans back, unfair to people who got higher education in an area that the government didn't make loans and just bad economics in addition to that. I think it's going to have a long-term devastating effect on a student loan program that worked pretty effectively until about ten years ago when the federal government assumed responsibility for that program."

    Two former economists for the Obama administration slammed the plan on Twitter earlier this week. Former Treasury Secretary and National Economic Council director Larry Summers said Monday, "[s]tudent loan debt relief is spending that raises demand and increases inflation." Former Obama White House chief economist Jason Furman added, "[p]ouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless." Furman also said that debt relief could create more problems by encouraging higher tuition, greater borrowing, and creating expectations of future debt forgiveness.

    Blunt agreed.

    "You can't forgive that much debt and assume people won't spend the money for other things," he said. "It's certainly going to take about $24 billion that should have been coming into the federal government every year in payments and make that available for more spending."

    Blunt also said that the move was likely a ploy to drum up voter enthusiasm before the midterms while ignoring the long-term consequences.

    "The administration had been very hesitant to do this and here they are doing it right before the election and I think people know they got their debt forgiven," he said. "Other people won't know the impact that has on them or their taxes between now and Election Day."

Are you in favor of the Joe Biden Executive Order, just weeks before the midterm elections, to shift the Higher Education debt, of up to $10,000.00 per individual, to the taxpayers of this Republic (estimated at 1/2 trillion)?
  Yes, it costs so much to go to college, and the right job is so hard to find in my focus of study.
  No, one's individual debt should be born by the beneficiary of that debt; certainly NOT by others that work to support their own families and pay their own debts, and their taxes.
  I am bereft of knowledge, so who cares?
245 total vote(s)     What's your Opinion?

Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?
  Yes, the Democrats have a bold plan, yet to be revealed, to save us.
  No, there will have to be a complete undoing of the damage done by these Democrats.
  I can't do simple math, so how am I to understand the concept of basic economics.
841 total vote(s)     What's your Opinion?

Go Back

Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )

Joe Rogan Calls Psaki A Liar, And Likens Her Ex-Trump Counterpart To Michael Jordan Daily Wire, Guest Editorial, Editorials, Op-Ed & Politics Bernie Defends Biden’s Student Loan Debt Cancellation, Wants Public Colleges ‘Tuition-Free’


Latest Op-Ed & Politics

North Dakota prosecutors on Friday leveled a murder charge against the man who allegedly ran down 18-year-old Cayler Ellingson earlier this month because he was a “Republican extremist” and had threatened him.
Ukrainian forces roll down west bank of Dnipro River as Russians retreat
Despite installing a new "Trinity Wishbone" offense during fall camp, PragerU has once again found itself dead last in the NCAA after a 94-0 drubbing at the hands of the Florida Gators.
Hurricane Ian barreled into South Carolina on Friday afternoon, threatening Charleston, Myrtle Beach, and other coastal cities with 7-foot storm surges and massive – and potentially deadly – flooding.


The Federal Reserve Board of Governors announced that six of the nation’s largest banks will take part in a process to examine economic risks posed by climate change.
After careful consideration, America has decided that religious people can still be allowed in society, so long as they aren't one of those psychos who actually believe their religion.
Democrats and legacy media love democratically elected women — unless those women stand athwart wokeism, yelling, “Get away from me, you freaks. God. Family. Country.”
In this episode of The John Woodard Show, John Woodard Interviews Sandy Smith. Sandy is a successful business executive who has started businesses, created jobs, and worked her way up the hard way. The high energy, can-do attitude Sandy brings is exactly what's needed in D.C. to drain the swamp...



Back to Top