Rep. Kim’s AWOL on Major Inflation Driver—New Student Debt Relief Program

October 5, 2022

For Immediate Release
Contact: Theresa Velardi
(732) 682-8923

MOORESTOWN, NJ — Burlington County business owner and congressional challenger Bob Healey today issued the following statement:

“In August Mr. Biden put forward yet another trillion-dollar spending program to buy the college vote in the midterm election with a promise to forgive student debt for those making under $125,000 a year (or $250,000 for married couples.)

Despite inflation ravaging the purchasing power of Americans struggling to pay everyday bills, this out-of-touch Administration is going full-throttle with a program the nonpartisan Congressional Budget Office (CBO) estimates will cost the federal government an additional $400 billion. 1

And where’s our representative who never fails to claim ‘he’s fighting for us’? Andy Kim is AWOL … Even worse? He’s silent on how to combat inflation — the most pressing economic issue his constituents face.

Instead, Andy Kim’s failure to act on the student debt issue shows yet again that he is happy to let inflation get worse so long as a new federal program helps his reelection.

Polls show that most of Congressman Kim’s constituents are concerned that student loan forgiveness will make inflation worse. 2

Even a former Democrat Secretary of the Treasury condemned this blatant attempt to ‘buy off’ a segment of the electorate: Larry Summers announced at the time, ‘I hope the Administration does not contribute to inflation macro economically by offering unreasonably generous student loan relief or micro economically by encouraging college tuition increases.’ 3

The total price tag for the Biden student bailout could reach $1 trillion, according to the Penn Wharton Budget Model, a widely regarded analysis frequently cited by policy makers. Other analysts say the total bill could be nearly $500 billion, a range that shows the uncertainty and complexity of projecting the student-loan portfolio’s performance. 4

‘Fighting for us’ is an empty slogan when one looks at Andy’s record on the issues that matter. Instead of spending his time on social media making politically correct statements, Andy Kim should be focused on the job taxpayers pay him to do. Rep. Kim needs to explain to voters what specific steps he’s taking to help solve the real problems like inflation that all New Jerseyans face.”

1 “Biden’s Student-Loan Forgiveness Plan Could Cost $400 Billion, CBO Says”, Wall Street Journal,

2 “59% of Americans worry student loan forgiveness will make inflation worse, CNBC survey finds” , CNBC,, 08/22/22.

3 Larry Summers, Twitter,, 8/22/22

4 “Biden Student-Loan Forgiveness Raises Inflation, Budget Risks,” Wall Street Journal,, 8/25/22.