“Pure Socialism” Will Cost Taxpayers $300 Billion

Atlanta, GA – – Today, the White announced a plan to cancel up to $20,000 in college loan debt for each borrower who make less than $125,000 annually. In response, Tea Party Patriots Action Honorary Chairman Jenny Beth Martin released the following statement:

“If you paid off your student loans already, you should go to the Post Office and get a change of address form — so you can change your address to ‘Suckerville.’

“This is pure socialism – forcing hardworking taxpayers to pay $300 billion in college student debt that was knowingly and willingly assumed by the debtors.  There is no such thing as loan ‘forgiveness.’ There is only loan transferral. People who knowingly and willingly took in debt will now have that debt assumed by people who did NOT knowingly and willingly take on debt.

“This is a moral hazard and it’s ‘reverse class warfare’ with the biggest burden being shouldered by those who never went to college.  

“Economically, Biden’s action will further fuel inflation at a time when it’s already out of control because of the Democrats’ record spending spree.

“Legally, Biden does not have the authority to have taxpayers assume $300 billion in debt with the stroke of a pen.  Speaker Pelosi has admitted as much, which means Biden is knowingly taking illegal action for partisan gain.  Again.  This is simply outrageous.

“We are confident the courts will overturn Biden’s order but it will cause tremendous chaos in the meantime.”