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I hope you saw my latest weekly column.



ROGER WICKER: $400 Billion Debt Transfer in Unfair to Working Americans
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This past August, in a bid to improve his standing with young voters,
President Biden announced that he will transfer vast sums of student debt to
the American taxpayer. His plan – which is really a decree since Congress never
approved it – will “forgive” up to $10,000 in student debt for eligible
individuals making under $125,000 and up to $20,000 for Pell grant recipients.
As executive orders go, this is one of the most expensive in history, costing
an estimated $400 billion. It is also an assault on Congress’s constitutional
power of the purse, as lawmakers never authorized money for this purpose.

Most notably, this bailout is an insult to working Americans who never went to
college or who paid back their loans, but will now have to shoulder other
people’s debts. Restaurant staff who worked their way through college and young
sailors who joined the Navy instead of taking on student debt will now be
paying off the loans of college graduates who are pursuing lucrative careers.
Mississippians recognize how wrong this is. I have heard from numerous
constituents who oppose the President’s plan and are rightly angered by it.
Even some Democrats have criticized it as a wealth transfer from middle-class
Americans to the rich. This election-year gambit may be the President’s most
unfair idea yet.

Biden Faces Legal Thicket

President Biden is already facing legal challenges over his plan. In one case
filed last week, an Indiana borrower asked a federal court to block the plan,
citing imminent personal harm from a state tax on canceled debt. His lawsuit
claims that Biden officials violated the Administrative Procedures Act by not
following the federal rulemaking process, which would have created a “notice
and comment” period allowing the public to provide input. The lawsuit also
notes that the Administration failed to explain how it can justify the plan as
a form of “COVID relief.” President Biden’s bailout simply has no basis in
federal law. I applaud this Indiana plaintiff and hope he and others like him
prevail.

Bailouts Feed Broken System

In addition to being unfair, the President’s bailout will only worsen the
problems plaguing our higher education system. Over the last 20 years, the
average tuition for a four-year university has gone up by 179 percent – an
average increase of nine percent each year. Bailing out student loans will
encourage universities to keep raising tuition. It will also encourage more
risky borrowing, as many students will expect loan forgiveness from a future
President. Perhaps worst of all, this bailout teaches the next generation to
expect others to pay for their personal risks and obligations.

While President Biden throws money at these problems, Republicans are offering
solutions to help young Americans enter the workforce with minimal student
debt. For many people, a four-year college degree will be necessary and
helpful. Yet many professions do not require such an investment, and I support
legislation to strengthen trade schools, community colleges, and other
non-four-year programs. I have also supported job training initiatives,
including cyber training, coding boot camps, and shipbuilding workforce
development in Mississippi. In addition, I continue to support Pell grants,
which provide targeted assistance to students who need it. We can make
education more affordable and accessible without punishing taxpayers if we
simply think outside the box. In the meantime, I hope the courts block the
President’s unlawful debt bailout and return the issue to Congress where it
belongs.



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Thank you for your support,

Senator Roger Wicker






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