President Joe Biden has unveiled a new student loan relief plan aimed at helping over 20 million borrowers who are struggling with what he calls “unsustainable debts.” However, as a taxpayer who has already paid off my college loans, I find this costly new entitlement program to be irksome.
Biden’s plan to provide interest relief to millions of borrowers comes at a time when many Americans, like myself and my husband, are working hard to make ends meet and pay our taxes. It’s always painful to see our hard-earned money go to the government, especially when we know it will be spent on programs like student loan forgiveness.
The president’s relentless pursuit of student loan forgiveness ahead of the November election seems more like a campaign strategy than a genuine effort to help struggling borrowers. By announcing plans to cancel billions of dollars in student debt, Biden is hoping to secure more votes from young voters who are burdened by student loans.
However, the cost of Biden’s generosity with taxpayer dollars is adding to our already staggering national debt. His actions are not only inflationary but also undemocratic, as he bypasses Congress and ignores the Supreme Court’s rebuke on such unilateral actions.
As a taxpayer who has already paid off my college loans, I find it unfair that my hard-earned dollars are being used to subsidize the spending decisions of others. Biden’s plan to cancel billions in student debt may benefit some borrowers, but it comes at a high cost to taxpayers and our democratic system of checks and balances.
