Forgiveness of student loan debt is a ‘big transfer of wealth’ from poor working class to rich: Payne

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President Biden and congressional Democrats pushing to shift student debt balances from college graduates to the federal taxpayer is a political ruse that will enrich the elites and punish the poor, Charles Payne said Sunday.

In an interview with Mark Levin, the Fox Business anchor said such student loan forgiveness is actually a transfer of wealth from business owners, high school graduates and school dropouts to the wealthiest and most privileged Americans. who were able to attend expensive post-secondary schools.

“It’s mind-blowing. I’m telling you, this is what really blows me away: This administration is for the elites,” Payne said on “Life, Liberty & Levin.”

“They’re for the people of this country who are already on the right path to getting the most out of America – these college graduates, they make the most money, they have the lowest unemployment rate, they live in average seven to 10 years longer than high school graduates and high school dropouts.”

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Biden
(AP Photo/Ted S. Warren, File)

“They really are the epitome of the American dream. And all this administration has done is take taxpayers’ money and give them so much…”

Payne said Democrats continue to try different “angles” to advance their plans, which will lead to an even greater class divide in the United States than is already happening under Democratic rule.

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Classroom with empty wooden desks.  (Stock)

Classroom with empty wooden desks. (Stock)
(Stock)

“[W]We have this great schism between the haves and the have-nots. It’s gonna get worse after this, when someone who could’ve gotten to college by driving a cab and paying off their student loans [versus] someone whose kids didn’t go to college, just the idea, the sass is beyond pale.”

“And yet they won’t stop. They keep pushing, pushing, pushing. They’re going to push it through. But I think it’s disastrous.”

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Payne predicted that when the Democrats are able to implement their debt cancellation plan, inflation will rise even more than it already is, due to the stimulus-like effect of reducing the debtor side of the ledger to the tune of $230 billion or more.

“And guess who pays… who will pay the price?” He asked. “It would be people who didn’t even graduate or had the opportunity to go to school.”

Dorothy H. Lewis