President Biden’s decision to cancel student loan debt has once again drawn criticism, leading one popular investor to label the act “un-American.”
During his appearance Thursday on “FOX & Friends,” O’Leary Ventures Chairman and “Shark Tank” veteran Kevin O’Leary said the administration’s student debt cancellation is “unfair.”
O’Leary continued, arguing that it is the individual’s “responsibility” to repay their debt when taking steps to obtain a college degree.
“Why should one current cohort of graduates have their loans forgiven while others who came before them or after them potentially have to repay their debts?” he emphasized.
On Wednesday, the Biden administration announced an additional $4.8 billion in student loan debt relief, which will affect more than 80,000 borrowers.
Kevin O’Leary points out that it is the student’s “responsibility” to pay back their debt while in the process of getting a college degree. FOX News
“Forgiving debt is a terrible idea,” O’Leary told co-host Steve Doocy.
“What if you’re in the military and you serve your country, and then you go and borrow money, 60, $80,000, and you have to pay it back and these guys don’t? I mean, that’s just wrong,” he said.
In June, the Supreme Court ruled in a 6-3 decision that federal law does not allow the secretary of education to write off more than $430 billion in student loan debt. The court’s decision was swiftly condemned by the president.
The Biden administration recently announced an additional $4.8 billion in student loan debt relief. AP
“I will stop at nothing to find another way to deliver help to hard-working middle-class families,” Biden said in a statement.
“I found this [is] just something that a lot of people will find offensive because it’s so unfair,” O’Leary said.
What makes this cohort “so special?” he asked, arguing that “a lot of voters won’t like it.”
Additional additions to student loan debt relief will affect more than 80,000 borrowers. AFP via Getty Images
“It’s going to be an issue” as the 2024 presidential election approaches, O’Leary continued.
During the fourth GOP debate on Wednesday, Florida Governor Ron DeSantis addressed the nation’s student debt problem.
In an effort to get to the “root of the problem,” DeSantis suggested that student loans should be “supported by universities because they need to have an incentive to create profitable jobs for people.”
“It’s a creative solution to a bigger issue,” O’Leary said in response to the Florida governor’s proposal.
“We have less than a year left to elect a new president. I love it when we teach our kids to be fiscally responsible. That’s what we need to do,” he explained.
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Source: thtrangdai.edu.vn/en/
