Economist Calls Biden Administration Student Debt Relief a ‘Redistribution Scheme’

With U.S. prices higher than expected in all areas including food, shelter, and gas, the Biden administration’s student debt relief plan is really a “redistribution scheme” that will further fuel inflation, according to Vance Ginn, economist and founder of Ginn Economic Consulting.

The plan is “what I’ve really been calling a redistribution scheme from those who didn’t go to college and don’t have student loans to everyone who has student loans. Only about 33 percent of Americans have graduated with a bachelor’s degree,” Ginn said during a Sept. 14 interview with the NTD TV News Today program.  “This is a huge shift in the amount of money that people are paying and … it also fuels more inflation.”

The Biden-Harris administration, in order to advance their “equity” agenda, released a plan which will cancel $10,000 of debt for people earning less than $125,000, cap monthly payments at five percent of a borrower’s monthly earnings, forgive loan amounts of $12,000 or less after 10 years of payments, and mandate that the federal government cover the unpaid interest for those in the low-income bracket.

President Joe Biden praised the debt relief plan, which he said was designed to help those that don’t have “family wealth,” including black and Hispanic students.

“They don’t own their homes to borrow against to be able to pay for college,” Biden said at a press briefing at the White House on Aug. 25.

When asked if this action was fair to those students who had paid off their student loans, Biden shifted the topic to billionaires.

“Is it fair to people who in fact do not own a multibillion-dollar business if they see one of these guys give them all a tax break? Is that fair? What do you think?” Biden asked.

And while Democrats celebrated the “Inflation

*As an Amazon Associate I earn from qualifying purchases