Biden’s decision to transfer student debt to taxpayers is likely an inflationary, expensive mistake that will leave “American taxpayers footing the bill,” the Washington Post’s Editorial Board wrote.
Biden’s decision to transfer student debt because the greatest beneficiaries will be from high-income families. The paper also said the decision will fuel 40-year-high inflation.
Transferring student loans “is regressive” and “takes money from the broader tax base, mostly made up of workers who did not go to college, to subsidize the education debt of people with valuable degrees,”continued. “Though Mr. Biden’s plan includes an income cap, the threshold does not reflect need or earnings potential, meaning white-collar professionals with high future salaries stand to benefit.
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