TPA Slams President Biden’s Student Loan Forgiveness Plan

For Immediate Release                                                                             Contact: Abigail Graham: (202) 417-7235

August 24, 2022                                              

Washington, D.C. – Today, President Biden announced his $300 billion plan to cancel up to $20,000 in student debt for individuals who meet the specified criteria and to extend the federal loan moratorium through the end of the year. The Taxpayers Protection Alliance (TPA) is disappointed in this Administration’s latest proposal that is a massive cost to taxpayers and could cause inflation to rise yet again.

In response, TPA President, David Williams, offered the following statement:

“Today is a sad day for taxpayers across the country. Forgiving up to $20,000 in student loans is fiscally irresponsible. Now, it’s going to be on individuals who have either made sacrifices to fully pay off their debt or those who chose an alternative path and have none at all to pay for this reckless policy.

“Research shows that the majority of individuals who benefit the most from a cancellation are higher income earners. It appears that this is yet another move by the White House to buy votes in November rather than address the root cause of inflation or increasing education costs.”

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Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.