Gov. Ricketts Expresses Opposition to President Biden’s Student Loan Forgiveness Plan
Today, Governor Pete Ricketts, as part of a coalition of 22 Governors, wrote a letter to President Joseph R. Biden, Jr. opposing the President’s costly and unfair scheme to shift responsibility for student debt onto American taxpayers.
“At a time when inflation is sky high due to your unprecedented tax-and-spend agenda, your plan will encourage more student borrowing, incentivize higher tuition rates, and drive up inflation even further, negatively impacting every American,” the Governors wrote. In the letter, they stated that the plan “is estimated to cost the American taxpayer more than $2,000 each or $600 billion total.”
The Governors also highlighted the unfairness of compelling people who paid their way through college, or directly entered the workforce after high school, to bail out those who chose to take out school loans: “For many borrowers, they worked hard, made sacrifices and paid off their debt. For many others, they chose hard work and a paycheck rather than more school and a loan. Americans who did not choose to take out student loans themselves should certainly not be forced to pay for the student loans of others.”
Additionally, the Governors questioned President Biden’s authority to take “unilateral action to usher in a sweeping student loan cancellation plan,” noting Speaker Nancy Pelosi’s own statements that the President lacks the power to cancel student debts.