'Who is paying for this?'

"The people that already paid their student loans don't get anything out of this deal, right?"

Andrew Magill from Boulder, USA, CC BY 2.0 <https://creativecommons.org/licenses/by/2.0>, via Wikimedia Commons

Today, everyone on social media was talking about Joe Biden’s proposal to “forgive” $10,000 of student loan debt for Americans currently underwater.

People who used Pell grants will receive a $20,000.

The sentiment sounds nice if you have student loan debt over 10K dollars. But who ends up paying for it?

That’s what reporters are asking the Biden Administration:

Greg Price @greg_price11

Doocy: Who is paying for this?" Jean-Pierre: "What we are saying is the work that this administration has done, the work that the Democrats in Congress have done is actually there." Doocy: "But when you forgive debt, you're not just disappearing debt so who is paying for it?"

Townhall.com @townhallcom

REPORTER: "Is this unfair to people who paid their student loans, or chose not to take out loans?" BIDEN: "Is it fair to people who, in fact, do not own multi-billion dollar businesses to see what these guys give them all a tax break? Is that fair?"

Ms. Jean-Pierre says this plan will benefit the middle class. But to answer Doocy’s question - who will pay for this? - the answer is the middle-class taxpayers. He is correct to say that these are not just numbers that can be magically erased. Somebody has to pay for it - and once again, it’s not the rich - it’s YOU.

Did you work hard and pay off your student loans already? Good for you! But you don’t get squat out of this proposal!

RNC Research @RNCResearch

"The people that already paid their student loans, they don't get anything out of this deal." Biden Education Secretary: "Right."

Those benefitting the most appear to be people with graduate degrees. Here’s how the numbers look across America:

Greg Price @greg_price11

Here are some facts: Only 37% of Americans have a 4-yr college degree, only 13% have graduate degrees, and a full 56% of student loan debt is held by people who went to grad school. Biden's plan to cancel it would be like taking money from a plumber to pay the debt of a lawyer.

Biden is proposing this idea. But Nancy Pelosi knows Joe can’t do it all by himself. At least she is showing some constitutional awareness on the legalities of pulling this off (in the video below.)

A student loan debt transfer will need to come from Congress. Tell them, Nancy…

RNC Research @RNCResearch

NANCY PELOSI in April: “People think that the president of the United States has the power for [student loan] debt forgiveness. He does not.”