They know haters hate, so a Biden administration is hyping it up.
The White House is taking on Republican criticism of the recently announced student loan forgiveness policy, including Rep. Marjorie Taylor Greene and Matt Gaetz, emphasizing how much they themselves have benefited during federal debt cancellation
This week, the Biden administration announced it would cancel student loan debt for some borrowers, something progressive Democrats — and even the president himself — have been pushing for.
As MarketWatch’s Jillian Berman reports, specifically, the federal government plans to forgive $10,000 in debt for borrowers earning up to $125,000 a year and provide borrowers with an additional $10,000 Dollar relief They received Pell Grants while they went to college.
The government also announced that it will extend the moratorium on student loan payments, collections and interest until December 31. The freeze is scheduled to expire on August 31.
The White House said the announcement would cancel the debt of about 20 million borrowers and said nearly 90 percent of the relief would go to households earning less than $75,000 a year. Households in the top 5 percent of income earners will not receive relief.
Republicans have criticized the move via cable news networks for a variety of reasons.
Common criticisms of such broad forgiveness policies in the past include concerns that such a policy might lead to inflation, or that it might benefit the rich more than the poor, or that it might lead to moral hazard and Students will take out bigger loans in the future in anticipation of another debt jubilee.
The White House quickly ended the arguments Thursday night, noting that these critics have little standing to object to loan cancellations because, in fact, they have taken similar but different loans
In a series of tweets from the official White House Twitter account, staffers highlighted Republican congressmen who took loans through the U.S. Small Business Administration’s Paycheck Protection Program during the coronavirus pandemic, only to forgive them later:
The Center for American Progress, a progressive think tank, has tweeted a handy, concise list of Republican PPP beneficiaries for those who don’t want to parse through a Twitter thread (although the numbers are slightly different):