President Joe Biden’s plan to forgive up to $20,000 of some Americans’ student loans has inspired widespread political debate. The Onion fact-checks claims about Biden’s plan and student loan debt in general.
CLAIM: Student loan forgiveness will cause inflation.
REALITY: No one knows what causes inflation.
CLAIM: There are better ways this money could be spent to help people.
REALITY: True, but Democrats lack the political capital to give every American an above-ground pool.
CLAIM: You don’t pronounce the “b” in “debt.”
REALITY: This is false. The proper pronunciation puts a strong emphasis on the “b” sound.
CLAIM: Biden supported the 2005 bankruptcy bill that made the student debt crisis exponentially worse.
REALITY: True, but also 10k is 10k.
CLAIM: I worked my way through college.
REALITY: Sure you did.
CLAIM: This will make universities raise their tuition.
REALITY: Institutions that charge $70,000 per year already have dozens of other rationales for raising tuition primed and ready to go.
CLAIM: If Biden wanted to, he could single-handedly forgive all student loan debt.
REALITY: The only man who can provide total forgiveness is Jesus Christ.
CLAIM: The cost will be largely borne by the wealthiest Americans.
REALITY: America will never ask the wealthy to do anything they don’t want to.