Blue-collar workers from Biden's home state torch his student loan debt plan: 'A heavy burden on all of us'

Blue-collar workers from President Joe Biden's home state are not happy over his plan to absolve millions of Americans from their obligation to re-pay student loan debt.

Biden announced last month that he will forgive $10,000 of student loan debt for every borrower who earns less than $125,000 per year. Income-qualified borrowers who were awarded Pell Grants will receive $20,000 in debt forgiveness.

What are they saying?

Workers at the the Donsco, Inc. iron foundry in central Pennsylvania told Fox News they believe Biden's plan is unfair and benefits Americans who don't really need the help.

• "A lot of those families are rich. They have the money to pay it off, so they get a break, and they get to sit on their couch, and their kids are stuck with a degree they can't even use," worker Francisco Hernández said. "The thing about it is: The rich aren't going to pay for this — we are. ... It's just going to put a heavy burden on all of us."
• "It's not going to affect the people that are here, the people that are actually out doing all the work. He's going to help the people in the bigger cities because that's what [he] wants," supervisor Jim Davis said.
• "I think it's a bad idea. Donsco is always hiring people. These college kids can always come here on their time off and work and pay their debt back," worker Tony Bell said.
• "They signed the contract. They should pay for it. Why should I pay for somebody else's college?" Kevin Wasileski questioned. "I don't think a plumber should be paying for a doctor's free medical school."

What are the latest details?

The Biden administration claims the forgiveness plan will cost only $240 billion over 10 years. But multiple nonpartisan analyses estimate it will cost at least $500 billion — and could even exceed $1 trillion.

But the bigger question is: How will it be financed?

Administration officials claim deficit reduction will cover the cost. But the Congressional Budget Office has explained the reduction in American's budget deficit is related to pandemic spending that has since dissipated — not anything Biden has done. In fact, the deficit is expected to remain around $1 trillion.

The White House thus has not provided any real explanation for how the plan will be financed.