The Biden administration wants to make it so "everything in your life should be free" if you earn less than $150,000 a year, and that's not only unsustainable, "it is a lie for them to say that this is good for the American people," Rep. Pete Sessions said on Newsmax Sunday while discussing the president's plan for eliminating up to $20,000 in student loan debt.
"It will take away everyone's desire to not only get a quality education because it will diminish that, but it will federalize all schools in this country, and that is exactly what the socialists in Washington want," the Texas Republican said on Newsmax's "Wake Up America."
But there is far more at stake than just student loans, as the plan will "take off and accelerate inflation even more," said Sessions.
The congressman said the problems with student loans go back to 2009 when the then-Democrat majority moved them to the government and raised the amount of interest "to help pay for their big government plan."
"This disrupted not only student loans but disrupted some 300,000 jobs," said Sessions. "At the time, they raised interest rates far above what the market was, and today it's about 2% above prime."
But removing student loan debt will worsen inflation more than it already is, he said, adding that in Texas there was a survey done showing that since January, people are paying $734 more a month in expenses than they did last December.
"That is the price of inflation, and I expect it will go higher after this election because the president will quit taking from the strategic petroleum reserves and then put the noose around the American people," said Sessions.
But the decisions from the Democrats are the "bad part," as they are "completely irresponsible [and] expensive," said Sessions.
"This is the price we are paying now with inflation," he added. "Our free enterprise system has contracted by 1.2%. We're going to come out with the numbers at the end of September, and they will be staggering."
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Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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