To the editor:

Once again the recent announcement made by the Biden-Harris Administration regarding canceling another $1.2 billion in student debt for roughly 153,000 borrowers. President Biden has now unilaterally wiped away nearly $138 billion in federal student loans for almost 3.9 million borrowers without a single act of Congress despite the Supreme Court’s rejection of the president’s plans. That money will get paid back one way or another, higher interest rates, higher inflation rates. It is not being “forgiven” but put on the taxpayers.

I believe that this decision raises concerns about the long-term implications for our economy and financial system. I understand the intention behind providing relief however a majority of the people with student loan debt don’t need the help, they’re higher-income individuals making over $70k per year. (Google it). The amount of money required in all the loan-forgiveness proposals exceeds all the spending on most of the nation’s antipoverty programs over the last 30 years. This is also an INSULT to those that work hard, paid back their loans or are paying them back diligently, and those that didn’t go to college and didn’t take out loans.

It is 100% Democrat vote buying.

Lou Walker

Cape Coral