LINCOLN- Nebraska’s congressional delegation denounced Biden’s debt forgiveness plan, saying in statements, among other things, it would worsen inflation and shift the burden onto taxpayers. Rep. Don Bacon called the plan “‘robin-hood’ in reverse” while Sen. Deb Fischer called the policy “economically backwards.”

“The President can spin it however he wants with Pell window dressing, but at the end of the day his debt forgiveness scheme forces blue-collar workers to subsidize white-collar graduate students,” Sen. Ben Sasse said. “Instead of demanding accountability from an underperforming higher education sector that pushes so many young Americans into massive debt, the Administration’s unilateral plan baptizes a broken system.”

Jim Pillen, a University of Nebraska regent and the GOP nominee for governor, called Biden’s plan “Big Government Socialism.”

“This decision will hurt everyday Nebraskans by raising our debt, increasing inflation, and incentivizing colleges and universities to raise tuition,” he said.

Under Biden’s plan, borrowers who earn less than $125,000 per year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness. Pell Grant recipients would be eligible for loan forgiveness amounts up to $20,000.

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