(CNSNews.com) - Many Americans are questioning whether President Joe Biden's student loan forgiveness program is even legal to do, and Rep. Steve Scalise (R-La.) said he counts himself among them.
Although the Biden administration refuses to release a cost estimate, Scalise said he's heard it could be more than $500 billion in deficit spending, in addition to the billions from the tax-and-spend bill passed last week:
"All of this is, by the way, going to increase inflation and inflation is driven by the mad trillions in spending you've already seen. Add another trillion dollars in new deficit spending just in a week, and look at what that's going to do. And all to do what? To shift income," Scalise said.
"About 85 percent of Americans don't have any student loan debt and they're going to be paying for about 15 percent of Americans who do. You know, is that a wealth transfer, and for what?
"Because they didn't get a good education? They should ask for a rebate from the college, not from the hardworking taxpayers of America."
Economist Steve Moore, who joined Scalise on Fox News Thursday night, asked, "Why aren't we holding the universities responsible for some of this debt?
"They have $700 billion of endowment. $700 billion, and why aren't they using that money to lower tuition for families? And if a school has somebody going through the school, they don't pay that debt back, I think that the school should be responsible for that money, not the taxpayer."
Moore also said he thinks Biden's loan cancellation program is "the death of the student loan program."
"Think about this, who in the world ever is going to repay a student loan? I mean, the program is dead if they do this because the incentives are never to pay your loan and wait until they give you an amnesty and you don't have to pay the money back."