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BREAKING: We filed suit in federal court in Kansas today, challenging the legality of the Biden Administration’s program of mass cancellation of student loan debt.
A #CatoCEF 🧵…
A #CatoCEF 🧵…
“Forcing taxpayers to pick up the tab for other people’s college loans is bad policy, but in the case of President Biden’s order, it is also illegal," said @CatoInstitute President and CEO Peter Goettler.
"Neither President Biden nor the Department of Education has the power to cancel student loans without congressional authorization...The Constitution does not give the federal government the power to fund, guarantee, or cancel student loans." - @CatoInstitute's Peter Goettler.
The latest freeze on student debt repayment ends on August 31, and the Biden administration is under pressure to forgive all federal student debt permanently.
But, there are at least five major reasons mass federal student debt cancellation is a terrible idea.
A #CatoCEF 🧵…
But, there are at least five major reasons mass federal student debt cancellation is a terrible idea.
A #CatoCEF 🧵…
1. People who have graduated from college typically earn much more over the course of their lifetime ($1.2 million-$3.1 million on average).
People in such a good financial position should be able to repay taxpayers, roughly two‐thirds of whom do not have bachelor’s degrees.
People in such a good financial position should be able to repay taxpayers, roughly two‐thirds of whom do not have bachelor’s degrees.
2. Higher‐income people are more likely to borrow—and borrow more—for college than lower‐income people.
Because of that, debt cancellation proposals would predominantly help out the highest quintile of earners rather than the lowest.
Because of that, debt cancellation proposals would predominantly help out the highest quintile of earners rather than the lowest.
