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Detractors like Republican Rep. Virginia Foxx, who is chairwoman of the House Education and Workforce Committee, have called the relief an abuse of taxpayer money.
“The Biden administration’s blatantly political attempt to circumvent the Supreme Court is shameful. The Biden administration is trampling the rule of law, hurting borrowers, and abusing taxpayers to chase headlines," she said in a statement when the policy was announced last month.
Her daughter owns Grandfather Mountain Nursery, which Virginia Foxx used to own with her husband from 1976-2004.
Grandfather Mountain Nursery was forgiven $25,161 worth of PPP loans in December 2020.
Obviously it’s not an “abuse of taxpayer money” when your own family and generational business can benefit from it.
Good move by the Biden administration.
The relief is targeted at people who enrolled in income-driven repayment (IDR) plans, which allow student loan debts to be forgiven by the federal government once payments have been made for 20 or 25 years, depending on the plan.
That isn't enough, obviously, but there are people who will be paying student loans their entire lives because the interest is worth more than the loan. Also, even helping this 804,000 people will put more money into the economy, so this is overall a good thing for everyone.
this post was submitted on 15 Aug 2023
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