Tuesday, September 27th, 2022
ATLANTA – Today, Team Herschel released a statement highlighting how the Biden student loan forgiveness plan that Raphael Warnock helped push through the Senate will cost taxpayers over $400 billion and that it would wipe out any projected savings from the poorly named Inflation Reduction Act.
According to a recent report from the Washington Post:
“The White House’s plan to cancel student loan debt for tens of millions of American borrowers will cost roughly $400 billion, according to a new estimate released by Congress’ nonpartisan scorekeeper…The scorekeeper also found that the White House’s plan to temporarily extend an existing pause on student loan payments would cost roughly $20 billion.”
The Committee for a Responsible Federal Budget President Maya MacGuineas said in a statement that Biden’s student debt plan “would wipe out the ten-year savings from the Inflation Reduction Act twice over, worsen inflationary pressures, and deliver benefits to millions of Americans with advanced degrees in upper-income households”.
“Raphael Warnock’s blind loyalty to Joe Biden’s reckless agenda has hurt Georgians who are desperately trying to make ends meet,” said campaign spokesman Will Kiley. “With inflation at a forty-year high, gas prices fifty percent higher year-over-year, and groceries cost more today than ever before, it is completely irresponsible to put an additional burden of $400 billion onto taxpayers. So many Georgians never went to college or have paid off their own education costs, why should they have to pay for this? Georgians are tired of their junior Senator being a rubber stamp for Joe Biden’s absurd and reckless agenda and constantly taking money out of their pockets.”