Nolte: Joe Biden’s Student Loan Giveaway Contributes to 27% Deficit Boost
BreitbartJUN 2024
Biden Cancels $4.28B in Student Loan Debt for 55K Borrowers
Above: Joe Biden speaks during an event in Madison, Wisconsin, on April 8, 2024. Image copyright: Daniel Steinle/Contributor/Bloomberg via Getty Images
The Spin
Democratic narrative
The Biden administration has successfully transformed a broken student loan forgiveness system into an effective program that delivers relief to public servants who have dedicated their lives to serving communities. This is a testament to what's possible when leaders like Biden are relentlessly and unapologetically focused on making higher education more accessible to the middle class.
Republican narrative
Forgiving billions of dollars of student loan aid is a crude and inequitable tool for fixing student aid. The loan forgiveness program unfairly transfers the burden to taxpayers who didn't attend college or already repaid their loans, and the administration has overstepped its authority in implementing these extensive debt relief measures — contributing to a massive hit on the federal budget deficit.
Cynical narrative
The cost of college isn't out of control. The entire cost of attending a public college is falling, and borrowing to earn a four-year college degree typically pays off. If at all, colleges and universities should set tuition fees based on the discipline's earning potential so the root cause of the student loan debt crisis is addressed.