Elaine Parker, President of Job Creators Network Foundation, has called the Joe Biden administration’s student loan bailout “an unprecedented executive power grab,” and the organization’s legal action fund has filed a lawsuit in the District Court for the Northern District of Texas, Fort Worth Division, intended to stop it.
“Our lawsuit intends to block the Biden administration’s student loan bailout, which is an unprecedented executive power grab. The administration’s action does nothing to address the root cause of unaffordable tuition: greedy and bloated colleges that raise tuition far more than inflation year after year while sitting on $700 billion in endowments,” Parker said in a statement.
“Colleges need to be held accountable for their outrageous tuition prices that fund high executive pay, an army of administrators who provide little-to-no value, and the construction of resort-style amenities. College endowments, not taxpayers, should be responsible for helping students drowning in debt.”
President Biden’s plan would cancel $10,000 to $20,000 in student loan debt for those making less than $125,000 annually. Biden, in August, touted the move as giving “working and middle class families breathing room.” But polls show the country is split on the issue. In September an Economist/YouGov poll showed half of the 1,500 adults asked said the bailout is unfair to Americans who did not attend college.
Left-wing pundits like HBO host Bill Maher and Democratic senators like Joe Manchin (D-WV) have slammed Biden’s bailout.
“By shifting the burden to taxpayers, including those who didn’t go to college or paid their student loans back, colleges escape responsibility for their actions creating the student loan crisis,” Elaine Parker said.
“They are given carte blanche to continue their ridiculous pricing. Bailing out this debt only kicks this problem down the road. By blocking this inflationary taxpayer bailout, JCN’s lawsuit can lay the groundwork to actually solve the student debt crisis by holding its college perpetrators accountable.”
Jerome Hudson is Breitbart News Entertainment Editor and author of the book 50 Things They Don’t Want You to Know About Trump. Order your copy today. Follow Jerome Hudson on Twitter, instagram, and Parlor @jeromeehudson