Kevin O’Leary Slams Biden Administration’s Student Loan Forgiveness As ‘Un-American,’ Declaring ‘Forgiving Debt Is Such A Horrific Idea’

South Carolina Digital News December 9, 2023

30 2 minutes read

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The Biden administration’s recent decision to cancel a portion of student loan debt has sparked controversy, with Kevin O’Leary, chairman of O’Leary Ventures and a well-known figure from “Shark Tank,” criticizing the move as “un-American.”

O’Leary voiced his disapproval on “FOX & Friends,” questioning the fairness of the policy and its impact on different groups of borrowers.

The administration announced on Wednesday an additional $4.8 billion in student loan debt relief impacting over 80,000 borrowers. O’Leary opposed the decision, saying, “Forgiving debt is such a horrific idea” and highlighting the potential unfairness toward people such as military personnel who borrowed for their education.

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O’Leary emphasized the importance of personal responsibility in repaying debts incurred for education. He posed a critical question, “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?”

In June, the Supreme Court ruled 6-3 against the secretary of education’s authority to cancel more than $430 billion in student loan debt, a decision President Joe Biden vowed to challenge. Biden expressed his commitment to finding alternative ways to provide relief to middle-class families.

O’Leary further argued that the debt forgiveness policy might be unpopular among voters, predicting it could become a significant issue in the 2024 presidential election. He questioned what made the current group of borrowers special, suggesting that many would find the policy offensive because of its perceived unfairness.

During the Republican Party’s fourth debate, Florida Gov. Ron DeSantis proposed that student loans should be backed by universities to incentivize them to ensure their graduates find gainful employment.

O’Leary responded positively to this suggestion, seeing it as a creative solution to a broader issue. He emphasized the importance of teaching fiscal responsibility, especially to younger generations.

This debate highlights the complexities and divergent opinions surrounding student loan debt in the United States. While some view forgiveness as a necessary relief for struggling borrowers, others, like O’Leary, see it as a potentially divisive and unfair policy that could have far-reaching consequences for the nation’s fiscal responsibility and fairness.