President Biden has recently forgiven an additional $1.2 billion in student loan debt for over 150,000 borrowers, sparking controversy regarding the timing of the announcement.
During an appearance on “FOX & Friends,” South Dakota Governor Kristi Noem criticized the administration’s recent actions as a tactic to secure votes for Biden’s re-election.
KRISTI NOEM: He is purchasing votes. That is precisely his current action. It is quite hypocritical for him to claim he cares about the country while accumulating debt and distributing money to secure his re-election, especially after threatening to do so for a long time.
I just hope everyone in America is aware that we are still spending more money than we are bringing in as a country.
Biden Fast-Tracks $1.2B Student Debt Cancellation Amid GOP Criticism
When he engages in actions like this, he essentially takes loans from China to distribute money to gain support for his return to the White House and maintain his hold on power.
It’s a dire situation, and Americans are becoming increasingly aware of the multiple crises unfolding at the border, in terms of national security, and the rising costs of gas and groceries.
People are facing challenges at the moment, and the current president seems out of touch with the actual situation.
On Wednesday, the White House revealed that Biden has expedited the cancellation of an additional $1.2 billion in student loan debt for over 150,000 borrowers.
As part of an executive action that was initially scheduled for July, Biden has implemented a Savings on Valuable Education (SAVE) plan policy that forgives debt for enrolled borrowers who have been making payments for a minimum of 10 years and have $12,000 or less in student loan debt.
Individuals with higher debts will be granted relief by extending their payment period by one year for every extra $1,000 they borrowed.
President Biden has taken action to eliminate approximately $138 billion in federal student loans for nearly 3.9 million borrowers without needing approval from Congress.
Following the US Supreme Court’s rejection of Biden’s original debt forgiveness proposal last year, the student loan bailouts have been implemented, avoiding a cost of over $400 billion.
The White House stated that President Biden has been committed to improving the student loan system and ensuring that higher education is accessible to all as a way to achieve upward mobility.
Republicans, including Republican National Committee Chair Ronna McDaniel, criticized Biden’s decision.
More than 60% of Americans do not possess a college degree, yet Joe Biden is proposing that diligent taxpayers cover the costs of higher education for a select few.
At present, families are facing challenges with reduced real wages, increased prices, and a rise in credit card debt compared to four years ago. Biden is accused of using taxpayer money to secure votes, leaving American families at a disadvantage,” the statement read.