Biden’s Student Loan Debt Cancellation Faces Criticism as “Un-American”

President Biden’s recent decision to cancel student loan debt has ignited fresh controversy, with prominent investor and “Shark Tank” veteran Kevin O’Leary branding the move as “un-American.” In a candid appearance on “FOX & Friends,” O’Leary, Chairman of O’Leary Ventures, argued that the administration’s student debt cancellation is inherently “unfair.”

O’Leary emphasized the principle of individual responsibility, contending that it is the duty of individuals to repay their debts, especially when it comes to financing a college education. He questioned the rationale behind forgiving the loans of a specific cohort of graduates while leaving others before and after them burdened with their financial obligations.

“Why would one cohort of graduates in this particular time be forgiven their loan when everybody else that came before them or after them potentially has to pay back their debt?” O’Leary stressed during the interview on “FOX & Friends.”

The Biden administration recently announced an additional $4.8 billion in student loan debt relief, benefiting over 80,000 borrowers. However, O’Leary remains staunchly opposed to the concept of forgiving debt, deeming it a “horrific idea.”

In response to co-host Steve Doocy, O’Leary pointed out potential disparities, stating, “What about if you were in the military and you served your country, and then you went and borrowed money, 60, $80,000, and you have to pay it back and these people don’t? I mean, that’s just wrong.”

The Supreme Court’s June decision, ruling against the cancelation of over $430 billion in student loan debt, was a setback for President Biden, who vowed to find alternative ways to provide relief to middle-class families.

O’Leary, echoing the sentiments of many, found the student debt cancellation offensive, emphasizing its perceived unfairness. He predicted that the issue would likely become a focal point as the 2024 presidential election approaches.

During a recent GOP debate, Florida Governor Ron DeSantis addressed the broader student debt problem, proposing a solution that caught O’Leary’s attention. DeSantis suggested that universities should bear responsibility by backing student loans, creating an incentive for institutions to produce gainful employment opportunities for graduates.

O’Leary commended DeSantis for offering a creative solution to the larger issue at hand. With the presidential election less than a year away, the investor stressed the importance of teaching fiscal responsibility to the younger generation, implying that such responsibility is key in navigating the complexities of student loans and personal finances.