Kevin O’Leary called the idea of student debt relief “un-American” during an appearance on CNBC’s Squawk Box on Wednesday, describing the concept as “politics born in hell.”
In April President Joe Biden said that he is “considering looking into debt reduction”.
Citing three unidentified people who Washington Post reported last week that the administration plans to pay off $10,000 per person in student debt — the outlet said two of the people noted the plan would limit loan cancellations to people who made less than $150,000 in the previous year $100,000 or less than $300,000 in spousal filing would have made in common.
Corresponding ReutersWhite House spokesman Vedant Patel noted: “No decisions have been made yet.
O’Leary, widely known for his appearances as an investor on the television show Shark Tank, unleashed scathing criticism of the concept of canceling student loans, noting that it was unfair.
“That’s a really, really bad idea,” O’Leary said, asking, “Who is advising Biden? Who are his closest advisors? What planet are they on? It is not planet earth.”
He also said the policy would be “manna from heaven” for the GOP.
“Writing off student debt is the worst political idea I’ve ever heard. If you spend on education, give it to teachers and pay them more. A good teacher has a tremendous impact on society,” O’Leary tweeted.
Former Federal Reserve Chairman Ben Bernanke has also said that paying off student debt would be unfair.
“It would be very unfair to eliminate them. Many of the people who have large amounts of student debt are professionals who will go on with their lives and make big bucks. So why should we choose them over someone who hasn’t? like going to college?” Bernanke said, according to the New York Times.
https://www.theblaze.com/news/kevin-oleary-student-loan-forgiveness O’Leary blasted the idea of student loan forgiveness