Personal finance expert slams Biden's student loan handouts: 'Don't need' the government to 'rescue' us
University of San Diego professor Dan Roccato joined 'Fox & Friends' to discuss the importance of looking at college as an 'investment' as Biden faces scrutiny over his handouts.
Sen. Elizabeth Warren was confronted on the campaign trail in 2020 by an angry father over the Democrat’s plan to hand out billions of dollars for student loans, when he worked double shifts to pay for his daughter's college education.
As a 2020 presidential candidate, Warren, D-Mass., who has long been a strong proponent of wiping out student debt, was confronted on the issue by an angry father at a campaign event in Iowa.
"I just wanted to ask one question. My daughter is getting out of school. I've saved all my money. She doesn't have any student loans. Am I going to get my money back?" he asked the presidential hopeful.
"Of course not," Warren replied without hesitation.
"So you're going to pay for people who didn't save any money and those of us who did the right thing get screwed?" the father pressed. "My buddy had fun, bought a car, and went on all the vacations, I saved my money. He makes more than I did. I worked a double shift."
As a 2020 presidential candidate, Sen. Elizabeth Warren was confronted on the issue of student loan debt by an angry father at a campaign event in Iowa. (Al Drago/Bloomberg via Getty Images)
Yesterday, the Massachusetts Democrat praised President Biden’s student loan handout executive action in a joint statement with Senate Majority Leader Chuck Schumer, D-N.Y.
"With the flick of a pen, President Biden has taken a giant step forward in addressing the student debt crisis by canceling significant amounts of student debt for millions of borrowers," the two lawmakers said. "The positive impacts of this move will be felt by families across the country, particularly in minority communities, and is the single most effective action that the President can take on his own to help working families and the economy."
Top Biden adviser Susan Rice was asked yesterday in a White House press briefing about the "overwhelming chorus of critics" who say Biden’s decision to cancel student debt, resulting in a $300,000,000,000 deficit, is unfair to Americans who chose not to go to college because they could not afford it.
President Biden delivers a speech. (AP Photo/Patrick Semansky)
Rice said that those who have paid their loans back "deserve to be credited, that’s fantastic, that’s to their credit," and did not elaborate. She also claimed Biden’s student loan handout will benefit the middle and working class and is targeted to "those who need it most."
Fox News’ Morgan Phillips contributed to this report.
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