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SALT LAKE CITY — Utah Gov. Spencer Cox joined nearly half of governors across the country Monday in a letter to President Joe Biden denouncing the president’s student loan forgiveness plan and calling for its withdrawal. Under the plan, borrowers earning less than $125,000 a year, or families earning less than $250,000, would be eligible for $10,000 in loan forgiveness. For Pell Grant recipients, the federal government will cancel up to an additional $10,000 in federal loan debt. While the letter to Biden says the governors support making higher education more affordable, they said they are “fundamentally opposed to your plan to force American taxpayers to pay off the student loan debt of an elite few.” The White House estimates the forgiveness plan will benefit about 43 million borrowers. Cox was joined by the governors of Alabama, Alaska, Arizona, Arkansas, Florida, Georgia, Idaho, Iowa, Maryland, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas and Wyoming by signing the joint letter opposing the plan. They said “shifting the debt burden from wealthy to working Americans” would hurt lower-income families and drive inflation. “For many borrowers, they worked hard, made sacrifices, and paid off their debt. For many others, they chose hard work and a paycheck over more school and loans. Americans who didn’t choose to take out student loans themselves should certainly not be forced to pay for the student loans of others,” the letter states. Opinions on how the amnesty plan will affect the economy differ among experts. Lawrence Summers, former director of the National Economic Council, said in a tweet that “student loan debt relief is demand-driven and inflation-driven spending,” suggesting that inflation will be seen from tuition increases. Joseph Stiglitz, the chief economist at the Roosevelt Institute, wrote in the Atlantic that “whatever your view on student debt forgiveness, the inflation argument is a red herring and should not influence policy.” The governors are also questioning Biden’s process for passing the plan, saying he lacks the “authority to take unilateral action to launch a sweeping student loan cancellation plan.” The letter called for Biden to “immediately” pay off his student loan. “At a time when inflation is soaring due to your unprecedented tax-and-spend agenda, your plan will encourage more student borrowing, incentivize higher tuition, and drive inflation even higher, hurting every American,” the letter states. “Even economists in your own party oppose your plan to increase demand and raise inflation. Instead of addressing the rising cost of higher education tuition or working to lower student loan interest rates, the plan it goes against the grain and makes today’s problems worse for tomorrow’s students.” Cox is not the first Utah politician to speak out against the plan, as Sen. Mitt Romney last month called the plan “a bribe” to win votes for Democrats. It is sad to see what is being done to bribe the voters. Biden’s student loan forgiveness plan may win some votes among Democrats, but it fuels inflation, burdens taxpayers with other people’s financial obligations, is unfair to those who paid their own way, and creates irresponsible expectations. — Senator Mitt Romney (@SenatorRomney) August 24, 2022 Romney wasn’t the only one in Utah’s congressional delegation to oppose Biden’s plan, as Rep. Blake Moore, R-Utah, also tweeted a statement of opposition. President Biden’s announcement is not a real solution because it does not get to the root of the problem. University costs continue to skyrocket. Student loan forgiveness only puts the brunt of its financial consequences on the next generation. #utpolpic.twitter.com/VvFAYVwrqf — Congressman Blake Moore (@RepBlakeMoore) August 24, 2022 Utah Republican Sen. Mike Lee echoed many of the sentiments of the governor’s letter to Biden, saying his plan would further fan the flames of inflation, ignore the rising cost of higher education, disproportionately favor the wealthy and create greater income inequality. This Biden administration “plan” will: – To further fan the flame of inflation. – Ignore the rising cost of higher education. – They disproportionately favor the rich.- Creating greater income inequality. https://t.co/c92LR5UphR — Mike Lee (@SenMikeLee) August 24, 2022 You can read the full letter to Biden here. x

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Logan Stefanich is a reporter with KSL.com, covering southern Utah communities, education, business and military news.