Obeying the demands of the radical left, Biden put forward a plan to cancel a part of students’ loan debt.
Experts quickly added up the numbers and revealed it will cost taxpayers $300 billion. But the White House, true to form, could not explain how they’d pay for it.
From Fox News:
The White House is silent on how President Biden’s decision to cancel between $10,000 to $20,000 in student debt for some Americans will be paid over the long run and whether it will drive tax bills higher even for average Americans.
That money’s going to come from somewhere. And if Biden just decides to print the cash, guess what they will do to inflation?
The Washington Examiner:
“So you’re looking at … a debt increase that would meet or exceed the expected deficit reduction from the Inflation Reduction Act. And so that’s problematic,” Garrett Watson, a senior policy analyst at the Tax Foundation, told the Washington Examiner.
So, it’s a lose-lose no matter how you look at it. Biden refuses to say how he’ll pay for this massive student loan cancelation plan.
Experts already explained it will cost over $300 billion. Democrats said that their inflation bill would add $300 billion in tax revenue.
You can do the math yourself. Even if Democrats’ massive tax-and-spend bill managed to bring in that much money, Biden’s student loan move already cancels it out.
And that’s assuming their inflation bill does lower inflation–which experts already said it won’t.
So, we could be looking at major increases in the deficit, which ends up being passed on to Americans.
Many accused Biden’s student loan cancellation as welfare for the rich. He is giving college students a break when they should be paying back these loans themselves.
Meanwhile, hard-working Americans (who couldn’t afford college) will be paying off those loans. Instead of the people who took them.
Imagine that! Can I go to the bank and ask them to get someone else to pay off my loans? Why not?
If Biden can play God with other people’s money, why can’t anyone else?
This is what liberal voters got us when they picked old Joe. We can’t let them bury their heads in the sand, ignore this, and keep voting for the left.
They need to know that this is what happens when Democrats run the government. And it needs to stop.
- Joe Biden’s student loan cancellation plan will cancel out his inflation bill.
- The bill was supposedly going to bring in $300 billion in tax revenue.
- The forgiveness plan will cost taxpayers $329 billion, nullifying the spending bill.
Source: Fox News, The Washington Examiner