President Biden’s decision to cancel student loan debt is once again under fire, prompting one popular investor to call the act “un-American.”
Appearing Thursday on “FOX & Friends,” O’Leary Ventures president and “Shark Tank” veteran Kevin O’Leary said the administration’s cancellation of student debt is “unfair.”
O’Leary continued, arguing that it is the individual’s “responsibility” to pay off their debt by taking steps to obtain a college degree.
“Why would a group of graduates at this particular time have their loan forgiven when everyone else who came before or after them potentially has to pay their debt?” he is stressed.
On Wednesday, the Biden administration announced an additional $4.8 billion in student loan debt relief, affecting more than 80,000 borrowers.
Kevin O’Leary noted that it is a student’s “responsibility” to pay off their debt when they are in the process of earning a college degree. Fox News
“Forgiving debt is such a horrible idea,” O’Leary told co-host Steve Doocy.
“What if you were in the military and you served your country, and then you went and borrowed money, $60, $80,000, and you had to pay it back and these people wouldn’t? I mean, that’s just wrong,” she expressed.
In June, the Supreme Court ruled 6-3 that federal law does not allow the secretary of education to cancel more than $430 billion in student loan debt. The court’s decision was quickly 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 other ways to provide help to working, middle-class families,” Biden said in a statement.
“I find this [is] just something that a lot of people will find offensive because it’s so unfair,” O’Leary said.
What makes these cohorts “so special”? he asked her, arguing that “a lot of voters won’t like it.”
The additional supplement to student loan debt relief would affect more than 80,000 borrowers. AFP via Getty Images
“It will become an issue” as the 2024 presidential election approaches, O’Leary continued.
During the fourth GOP debate on Wednesday, Florida Governor Ron DeSantis addressed the country’s student debt problem.
In an effort to get to the “root of the problem,” DeSantis suggested that student loans should be “backed by colleges because they need to have an incentive to produce gainful employment for people.”
“It’s a creative solution to an even bigger problem,” O’Leary said in response to the Florida governor’s proposal.
“We are less than a year away from electing a new president. I love when we teach our young people to be fiscally responsible. That’s what we have to do,” he explained.
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Source: vtt.edu.vn