President Biden's free college scam

Time and time again, President Biden has shown that he prioritizes buying political favor over the good of hardworking American people - and his most recent announcement to forgive $1.2 billion in student loans for just 153,000 borrowers is no exception.

First of all, this “free college” scam is an outrageous bailout for the richest Americans. While the Biden Administration repeatedly claims that student loan forgiveness will benefit Americans earning less than $75k a year, statistics have shown that outstanding federal student loan debt is disproportionately held by the wealthy. In fact, those in the top fifth of household income hold $3 in student loans for every $1 held by the bottom fifth of household incomes. Moreover, dentistry, medicine, and law, three extremely important, but high-earning professions, are the fields of study with the largest amount of student loan debt. So, put simply, each time President Biden announces more student loan cancellation, he is giving away free government money to an abundance of high-salary professionals.

Not to mention, President Biden is not really “forgiving” student loans. He is simply transferring the debt to American taxpayers, including those who have worked hard to repay their college loans already, as well as the 100 million Americans who never went to college. In fact, studies have found that the loan program has already cost the taxpayers $200 billion since its inception and estimates President Biden’s latest repayment plan will cost another $230 billion, with other experts estimating the cost could be as high as $470 billion. In a country that has always rewarded hard work, this is both unprecedented and unfair, as it should not be the American taxpayers’ responsibility to bear the burden of others’ financial decisions.

Additionally, mass student debt cancellation will undoubtedly fuel our nation’s already skyrocketing inflation crisis. In just three years, President Biden has already proposed spending nearly $1 trillion on just student loan bailouts, more than our nation’s government has spent on higher education in history. This is unacceptable. At a time when the American people are already paying more for everything from gas to groceries, the President should be working to lower spending, instead of throwing nearly $1 trillion more of gasoline on the inflationary fire.

Furthermore, the Biden Administration’s “free college” agenda is short-sighted, as it does not address the root problem and will only end up exacerbating the issues of soaring college costs and excessive borrowing. 

At the end of the day, the federal government, and in turn the American taxpayers, should not be responsible for the debts of other Americans. President Biden’s recent announcement to cancel $1.2 billion in student debt is just another unfair political favor at the expense of the American people, as it is regressive, expensive, and will ultimately cause more permanent damage.