President Joe Biden announces a federal student loan handout
Biden explains that the federal government will provide $10,000 of student loan "relief" to Americans with debt who make under $125,000 a year.
Twitter users dragged President Joe Biden over his student loan handout announcement on Wednesday.
The president addressed the nation from the White House in the late afternoon with remarks on his new proposal to absolve $10,000 worth of student debt from each borrower earning less than $125,000 a year, and up to $20,000 for Pell Grant recipients.
As Fox Digital reported, a Penn Wharton Budget Model claimed that "a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion for taxpayers."
Biden also touted extending the "pandemic-era" loan payment freeze on federal loans until December 31, 2022.
CBS NEWS REPORT: BIDEN STUDENT LOAN HANDOUT WOULD BENEFIT WEALTHY, RAISES QUESTION OF ‘FAIRNESS’
US President Joe Biden discusses his student debt handout on Aug. 24, 2022. (Photo by OLIVIER DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images) (OLIVIER DOULIERY/AFP via Getty Images)
This handout comes as the nation faces one of the highest inflation rates in 40 years and a national debt of $30.7 trillion.
Critics lashed out at Biden's handout on Twitter, condemning it.
The Daily Wire’s Matt Walsh tweeted, "We're ‘forgiving’ student debt while doing absolutely nothing at all to address the fact that the university system is corrupt to its core and bilking millions of students out of billions of dollars in exchange for a worthless degree. And the dumbest among us are applauding."
The Federalist co-founder Sean Davis blasted the Biden "regime," stating, "The regime destroyed your business, killed your job, closed your kids’ schools, fired you for refusing an experimental shot, then refused to send you $2,000 check after ruining your life. And now you get to spend $10,000 to pay off the debts of a college grad making $120k/year."
The Daily Wire’s Frank Fleming added, "What's great about this loan forgiveness is that it's big enough to make everyone who has to pay for it mad but small enough that the whiniest, most insufferable people asking for this are going to be angry it wasn't bigger."
Twitter users slammed Biden over his student loan handout announcement on Wednesday. ((AP Photo/Patrick Semansky))
Former Trump White House press secretary Sarah Huckabee Sanders tweeted, "Joe Biden wants those who didn’t go to school, didn’t take out loans, or already paid off their loans to pay off $300 billion of other people’s debts."
She added, "It’s socialism, it’s un-American, and only makes his record-setting inflation worse."
Breitbart’s Joel Pollak noted that the handout would contradict provisions of the Inflation Reduction Act, tweeting, "Biden claims student loan transfer will be paid for by deficit reductions elsewhere... which, even if it were true, would erase the deficit reductions promised in the ‘inflation’ act."
JOE BIDEN EXPECTED TO ANNOUNCE $10,000 STUDENT LOAN FORGIVENESS PROGRAM WEDNESDAY: REPORT
"Biden gaslighting Americans saying his student debt forgiveness plan is the ‘economically responsible course’ and will make the whole economy better off," tweeted the conservative Media Research Center’s account.
It added, "Fact-check: His plan will make skyrocketing inflation even worse."
CLICK HERE TO GET THE FOX NEWS APP
The Heritage Foundation Twitter account remarked, "Professional degree holders (doctors and lawyers, for example) earn a median annual salary of $96,772. *If they aren’t paying off their loans, the costs will be forced on others.*
Andy Swan, who is listed as a Forbes contributor on the site, tweeted, "my mortgage identifies as a student loan."
Biden announced a student loan bailout in a time of near record high inflation. (istock)