Republicans react to Biden’s student loan forgiveness by calling it ‘socialism’ and accusing him of a ‘midterm Hail Mary’
FortuneAug 25, 2022
The Facts
On Wed., Biden announced that the federal government will forgive $10k in student loan debt for individuals earning less than $125k annually or couples earning less than $250k combined. He also said the pause on repayments will be extended through January 2023.
Additionally, borrowers who were recipients of Pell Grants - a program that provides need-based grants for low-income undergrad students - are eligible to receive $20k in debt forgiveness.
The Spin
Right narrative
Biden's socialist move will not only make inflation worse but it is a scathing insult to every American that has made sacrifices and paid off their debts. This announcement is simply an unfair vote-buying scheme and just the next step toward the Democrat's agenda for delivering handouts.
Left narrative
Biden has fulfilled his campaign promise to provide relief from an undue burden on Americans. There is more work to be done but we should take a moment to celebrate this win for hard-working middle-class borrowers.
