Good riddance to President Biden’s illegal and economically disastrous taxpayer-funded bailout for the wealthy. Last Friday, the Supreme Court definitively struck down the Biden administration’s so-called student loan “forgiveness” scheme and deemed it to be unconstitutional. I wholeheartedly agree with the Court’s decision. According to the Congressional Budget Office (CBO), this scheme could have cost taxpayers $315 billion or more over the next decade. 

Let’s take a step back and look at this issue further. On October 17^th of last year President Biden decided to rule like a king by “cancelling” as much as $20,000 in student loan debt for borrowers making up to $125,000, or $250,000 for married couples. Simply put, this “one time cancellation” of student loan debt was subterfuge for the Left’s goal of taxpayer-funded free college for all. Think of the consequences:

• The 87% of Americans who hold no federal debt would have been forced to pick up the tab for the 13% who do.
  
• Colleges would have been emboldened to continue raising tuition.
  
• Students would have been forced to borrow even more money.

It’s easy to see how rotten this scheme was. Unfortunately, following the Supreme Court’s ruling, President Biden announced that he is not giving up on giving your money away. His plans involve the finalizing of an income-driven repayment (IDR) rule under the aegis of the Higher Education Act that would result in a majority of bachelor’s degree student loan borrowers not having to repay their loans, costing taxpayers an estimated $276 billion. In all, if the Biden administration’s proposals were allowed to stand, they have the potential to cost the American people up to $1 trillion.

Here's the bottom line: what the President is pushing is illegal, inflationary, and downright irresponsible. Instead of doubling down on the same vote-buying, mass regressive wealth transfer scheme, this administration would do well to get to work on returning borrowers to repayment and advancing policies that address the root issues of student loan debt. Rest assured that I will continue to stand firm, hold the line, and push back against this new plan to saddle hardworking taxpayers.

Setting The Record Straight

Providing false information to Congress is a crime. Recently, I sent a letter to Education Under Secretary James Kvaal after he mislead the Subcommittee on Higher Education and Workforce Development during its hearing on May 24^th of this year. In this hearing, Under Secretary Kvaal insisted that the Department of Education provided an unredacted report to the committee showing that the federal student loan program was nearly half a trillion dollars in the red before the Biden administration took office. Contrary to his assertion, a report was never provided.

To read my full letter, click here.

The Spirit of Giving

Recently, I spoke on the House floor about Alex Medina, a bone marrow donor who serves as a model for all of us. Thanks to his generosity, Alex was able to save the life of someone he had never met. Across North Carolina, and the entire nation, the kindness and generosity of donors should not only be celebrated, but also encouraged. We can all play a positive role in the lives of others, and donating blood and other precious resources is one way of doing so.

To view my full speech, click here.   

Quote of The Week

“‘Emergencies’ have always been the pretext on which the safeguards of individual liberty have eroded.”

-F.A. Hayek

Have a blessed weekend,