Press ReleaseAugust 24, 2022

Job Creators Network Foundation Legal Action Fund Weighs Legal Options to Block Biden’s Illegal Student Loan Bailout

Washington D.C. (August 24, 2022)–Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to the Biden administration’s plan today to forgive up to $20,000 of student loans per borrower earning less than $125,000 annually:

“The Job Creators Network Foundation Legal Action Fund is weighing its legal options to block President Biden’s illegal student loan bailout. Biden’s plan will add to the national debt and negate the claimed deficit savings from the Inflation Reduction Act. The bailout will fuel inflation at the worst possible time as prices are already rising at a historic rate. This move is fundamentally unfair to the tens of millions of hardworking Americans who never went to college and are now forced to shoulder loan forgiveness for the consultant class. It’s also unfair to those who have scrimped and saved to repay their student loans. They already paid back their student debt, and now they will be forced to pay back the growing national debt as a result of this bailout.

This executive overreach transfers taxpayer dollars from hardworking ordinary Americans and small businesses to disproportionately higher earners with college degrees. It does nothing to address the underlying issue of outrageous college costs. Indeed, it rewards colleges for making education unaffordable and entrenches the failing status quo. Forgiving debt incentivizes colleges to continue raising costs and borrowers to continue not paying back loans. Everyday taxpayers are stuck with the tab.”