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McConnell Tears Into Biden’s New Plan

Senate Minority Leader Mitch McConnell (R-Ky.) has blasted president Biden for his decision to forgive $10,000 of student loan debt for those whose annual income is less than $125,000. He criticized the move as unfair.

McConnell took to Twitter on Wednesday to also say that this was a “slap in the face” to those who had made sacrifices to pay off their student loan debt, or those who chose careers that would allow them to avoid debt.

He also said that in general, those with student loan debts tend to have a higher median income than Americans. While experts may have found some benefits associated with student loan forgiveness, those tend to benefit people with a higher income.

McConnell also spoke about how inflation is harder on working families, and that this governmental move gives money to “elites”. He also said the move was highly political, as the Democrats were using it to gain momentum for their political agenda.

According to a report by the Brookings Institution reported in October 2020, 40% of households with an income of $74,000 or more per year, is responsible for 60% of student loan debt. Forty percent of households with a lower income hold a bit less than 20 percent of student loan debt.

The forgiveness plan that Biden has put in place will forgive up to $20,000 to Pell Grant recipients. Those that have more financial needs will also be able to benefit from a limit on repayments which will be up to 5 percent of a borrower’s monthly income. The pause on student loan repayment was once extended until Dec. 31.

Senior administrations have maintained that this move will predominantly help the working class. However, McConnell has said that this plan is bound to make inflation worse.

Written by CFP Staff Writer

13 Comments

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    • The GOP should file a lawsuit with the Supreme Court that Congress and the Senate must approve spending taxpayers’money. It’s unconstitutional for the president to merely sign his name to spend 1/2 trillion dollars so the democrats can get more votes this November. He made all kinds ofpromises to give every minority group in the country a lot of money and bills tovote for him and that’s how he won the presidency. Now 20 months into his 4 year tenure he has taken this country into a recession heknows willhurt his democrats in Novemeber so he’s now buying more votes for them. Someone needs to stop him now!

  1. I’m sure Mitch will send a strongly worded letter, stomp his feet and hold his breath! Other than that he will, as usual, DO NOTHING! McConnell betrayed his oath to the Constitution on Jan 6 2020, sat on his hands and refused to protest an obviously fraudulent election! Everything that has happened since that time is at least as much his fault as Biden’s! With his pockets full of Dominion contributions and his Chinese handl…….wife, he is a disgrace to Kentucky and the nation!

  2. I’m sure Mitch will send a strongly worded letter, stomp his feet and hold his breath! Other than that he will, as usual, DO NOTHING! McConnell betrayed his oath to the Constitution on Jan 6 2020, sat on his hands and refused to protest an obviously fraudulent election! Everything that has happened since that time is at least as much his fault as Biden’s! With his pockets full of Dominion contributions and his Chinese handl…….wife, he is a disgrace to Kentucky and the nation!

  3. ITS ABOUT TIME he got off his butt and stood up for this party, stop being scared and protecting your wife how about protecting this country….you need TO GO time to move on mitch you and your cronies’ need to let a new and progressive’s conservative party take the reins…this dont rock the boat garbage is killing the party.u dont care what happens as long as you get YOURS!!!!!!!!

  4. Will someone with half a brain explain why I along with milions of others who took out student loans, paid them off struggling sometimes working 2 jobs, no vacatons, new car etc will have to foot the bill for the ignorant and irresponsible fools who knowingly took on this debt, farted around in school taking nonsense courses that wouldn’t lead to good paying jobs so they could find themselves. And for the record why should i be responsible for this for which i won’t get any benefit? As for those who screwed themselves with this, let them suffer the consequences of their bad choices. Cry me a river the size of the Pacific Ocean. I’m sure I speak for millions of former student load debtees who paid their loans off knowing if this debt wasn’t paid off it would haunt them and bite them in the ass in the future. This is an insult and slap in the face to those responsible ones but hey this is a ploy for votes for the liberalscome the mid terms, pure and simple. Just what have the liberals done for anyone other than themselves? If yu’re tired of being treated like a walking ATM ( for higher taxes) and played a fool, remember this in November and all future election that the liberals don’t give a rats ass about anyone but themselves and the the responsible ones only the leeches that think everything should be free and that money grows on trees. Student loan debt can’t be blown off in bankruptcy thank God. And if these people go bankrupt, tough SHIT! No sympathy!

    • Thank’s Doug Bright, after a very crappy day finaly someone agrees with me albeit telling things like they really are. Kind of like Trump ( please no diatribes about Trump, he;s been gone over 2 yearsand isn’t relevant now) who called a road apple ( for thiose who don’t know the term a road apple is horse shit) what it really is and not Boston Cream Pie or German Chocolate Cake.

  5. Government should not be involved in paying off any debts accrued by any citizens or any company or corporation. Doing so only rewards poor business practices and irresponsible choices. Through taxation, lower income families who did not have the financial resources for college degrees are going to be paying for the college debts that higher income families have borrowed. This is a matter of robbing the poor to provide more for the wealthy.

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