Anyone paying attention knows that Joe Biden is the anti-King Midas. Everything he touches turns to rot. That’s because he’s pretty much surrendered to the radical left, pushing as much socialist policy as possible.
Remember, he pushed a “stimulus” bill that added $1 trillion to our economy–triggering inflation. He shut down our energy industry, creating a gas crisis and worsening inflation. He just passed a tax-and-spend bill that will cost working Americans billions.
And now, he violated the law by going around Congress to “forgive” student loans. How bad is that going to get? One group is saying it will cost taxpayers $1 trillion.
Welcome to Bidenomics, where the president’s plans to fix the student debt crisis could drive up both inflation and the overall cost of college, while doing nothing to fix the root of the problem, and cost taxpayers as much as $1 trillion…
According to the Wharton School, the plan is going to cost a bit more than the marketed $300 billion price tag. Biden’s “debt cancellation alone will cost up to $519 billion…
“Loan forbearance will cost another $16 billion” and “the new income-driven repayment (IDR) program would cost another $70 billion, increasing the total plan cost to $605 billion” at a minimum based on Wharton’s model.
“Depending on future IDR program details to be released and potential behavioral (i.e., ‘non-static’) changes, total plan costs could exceed $1 trillion,” the school warned. [Source: Daily Wire]
Biden’s student loan forgiveness–which is white-collar welfare–will cost Americans as much as $1 trillion.
This loan forgiveness is poorly conceived and designed to damage the economy. We’re talking about students from middle to upper-class families who took out these loans to attend liberal arts colleges. They were expected to pay back these loans, but will not have a large portion of their loans (but still not close to the full amounts) forgiven.
Which means the government will never get the money back these students were supposed to repay. That shifts the expense onto all taxpaying Americans, including the millions of working-class folks who couldn’t get into college.
This estimate factors in many additional costs Joe Biden is ignoring-bringing the total to a staggering $1 trillion. This could be the singled-handily worst decision made, by an administration that has yet to make a good decision.
All of the damage caused by Biden so far will pale in comparison to this move.
And to think–this is all in service of canceling just $10,000 of debt per student!
But liberal voters, who wanted this imbecile in office, will stick their heads in the sand yet again. They will shrug this off like it’s no big deal, then wonder why our economy continues to crash and burn. Why people can’t find good jobs, afford a home, or even put food on the table?
This is not just Biden’s fault. This is the fault of every Democrat in office who does nothing.
And every liberal who voted for them.
Author: Bo Dogan