President Biden’s latest student loan cancellation plans will increase the total cost to taxpayers to a whopping $559 billion and benefit households earning more than $300,000 in annual income the most, according to a new study.
House Budget Committee Chairman Jodey Arrington (R-Texas) slammed Biden’s student loan cancellation plan in the wake of Penn Wharton’s findings, arguing that the policy is unconstitutional and part of the president’s “quest to buy votes.”
“In reality, his plan will shift the responsibility of paying for loans owed by high-income earners who freely incurred them onto the backs of all taxpayers, many of whom do not even have a college degree,” Arrington said in a statement.
“[Biden’s] administration is dead set on circumventing the Supreme Court, defying Congress, and saddling our country with more debt,” the Texas Republican added.