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House Democrat Claims Biden’s Student Loan Plan IGNORES Americans ‘Crushed by Inflation’

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Democrat Rep. Ohio’s Tim Ryan suggested on Sunday that President Joe Biden’s plan to forgive up to $20,000 in federal student loans for some borrowers ignores the financial problems inflation is causing millions of Americans.

Since the president announced the new policy early last week, it has been criticized by virtually all Republicans and even some of Biden’s fellow Democrats.

One of those critical voices on the left is Ryan, who is locked in a tense race for the Ohio Senate seat to be vacated by outgoing GOP Senator Rob Portman.

“I understand the burden of it. My wife and I are still paying off her student loans. But there are a lot of people in our society right now who are in pain,” Ryan said on CNN’s State of the Union Address.

“People are being crushed by inflation, crushed by gas prices, food prices and everything else – and I think a targeted approach is really sending the wrong message.”

And Ryan warned it wouldn’t be the last time the government needs to take action on student loan waivers — if the underlying problem of higher education costs isn’t resolved.

“One of the dumbest things we’ve ever done in this country is tell everyone to go to college. I mean, that was a big mistake,’ he said angrily. “We got rid of the shopping class, we got rid of the kind of things that really build the working class into the skilled crafts.”

“And here we are — and we haven’t done anything to control college costs, right, so we’ll be in the same position here in five years.”

Ohio Democratic Representative Tim Ryan, who is running for an open Senate seat, suggested President Biden’s plan ignored the financial hardships facing working-class families in today’s economy. He proposed a broader tax cut to offset their burdens

Ryan’s concerns seem to overlap with Republican-led critiques questioning why American workers, such as truck drivers and construction workers, should let their taxes go toward paying student loans for liberal arts majors.

But he is also in line with Biden’s Democratic critics who say the measures fail to address the core issue of escalating tuition prices for colleges and universities.

He called on Biden to instead pass a broader tax cut to help Americans at the lower end of the income scale.

“There’s a lot of people making $30,000, $40,000 a year who haven’t gone to college, and they also need help, which is why I’ve proposed a tax cut for working people that will affect everyone,” Ryan explained.

‘And with the student grant piece, you could very easily get them to negotiate — renegotiate the interest rates. I mean, that’s part of the problem, interest rates are 9% 10% 12%. And so giving them a chance to renegotiate that down is going to put a lot of money in their pocket, and I think some of that burden is lightened.

“But to have a targeted approach now – this is part of a broader problem.”

The president’s plan to waive student loans would ensure that people who received Pell Grants would qualify for up to $20,000 in lost debt.

Other federal student loan recipients who earn less than $125,000 per year can be forgiven up to $10,000.

Biden unveiled a plan earlier this week to forgive up to $20,000 in federal student debt for some borrowers and up to $10,000 for others

Biden unveiled a plan earlier this week to forgive up to $20,000 in federal student debt for some borrowers and up to $10,000 for others

There are twofold concerns about the impact of the new policy on already high inflation

There are twofold concerns about the impact of the new policy on already high inflation

After resisting initial calls to name a price tag, the White House admitted Biden’s plan would cost $240 billion over the next 10 years.

It comes at a time when the US economy is experiencing inflation rates not seen since the early 1980s.

The cost of consumer goods rose an average of 8.5 percent in July, after reaching 9.1 percent a month earlier, according to the most recently available data.

Republican Senator Roy Blunt called Biden’s plan “monumentally unfair” during his own appearance on ABC News this Sunday.

‘It should have an impact on the way people live their lives. I just thought it was extremely unfair, unfair to people who didn’t go to college because they thought they couldn’t afford it, unfair to people who pay back their loans, unfair to people who were pursuing higher education in an area that the government has no loans, and just bad economy,” Blunt said.

“In addition, I think in the long run it will have a devastating effect on a student loan program that worked quite effectively until about 10 years ago, when the federal government took responsibility for that program.”

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