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Rep. Rick Allen to Newsmax: Student Debt Forgiveness ‘Big Political Mistake’

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Rep. Rick Allen, R-Ga., told Newsmax Friday that the Biden administration’s  consideration of forgiving some student loan debt is a “big political mistake” for the president and Democrats.

“I think it’s a big mistake. I think it’s a big political mistake,” Allen said during “American Agenda” Friday. “I don’t think he has the authority. I agree with [House Speaker Nancy Pelosi, D-Calif.] on that. “We have $30 trillion in debt [as a nation]. If he’s got money to do this, why don’t we put that towards paying down the debt?”

A 2021 article by the Council on Foreign Relations shows students owe $1.7 trillion in college loans, with that number having increased by $1 trillion since 2010.

“Student debt has more than doubled over the last two decades. At the end of 2020, about 43 million U.S. borrowers owed nearly $1.6 trillion altogether in federal student loans,” the report said. “Additional private loans bring the total to about $1.7 trillion, surpassing auto loans and credit card debt; only home mortgage debt, at about $10 trillion, is larger.”

Joe Biden campaigned in 2020 to forgive $10,000 per borrower but did not act on the campaign promise through his first year in office and is only now considering what he can do.

According to The Hill, Senate Majority Leader Chuck Schumer, D-N.Y., told activists Wednesday that Biden is closer “than ever before” to canceling debt for students.

“I have talked personally to the president on this issue a whole bunch of times. I have told him that this is more important than just about anything else that he can do on his own,” The Hill reported Schumer told the State of Student Debt Summit in a virtual event Wednesday. 

“We’re making progress folks. We are making progress. The White House seems more open to it than ever before.”

While Schumer and other Democrat progressives want Biden to act because of the burden the debt is placing on the economic mobility of the younger generations, Pelosi said in 2021 that Biden does not have the authority to do it on his own and that it can only be done through an act of Congress.

“People think that the president of the United States has the power for debt forgiveness. He does not,” Pelosi said in a Washington Post article last year. “He can postpone, he can delay, but he does not have that power. That has to be an act of Congress.”

Allen said, “This administration continues to develop these tactics, I guess to try to appeal to a certain group of voters, and every time they double down, their base is leaving them in droves.

“I will have to admit I don’t agree with speaker Pelosi on many things. In fact, this may be the only thing that I’ve ever agreed with her on, and she’s right.”

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