Courtesy of Joe Biden: Student loan forgiveness. Cost $300,000,000,000.
What is really upsetting is the media telling us how it will reduce inflation. Same BS they said about the Manchin Inflation Reduction Act.
Some media is calling out Biden but not enough, per the WSJ
"Wasn’t it only last week that Democrats were touting something called the Inflation Reduction Act? So much for that. The press is reporting everywhere that as early as Wednesday President Biden will announce he is canceling student debt and extending the moratorium on student-loan payments for several more months.
This is an inflation expansion act. The reports say Mr. Biden will cancel $10,000 in debt for borrowers making $125,000 or less a year. That would cost about $300 billion this year, and $330 billion over 10 years, says the Penn Wharton Budget Model.
That’s far more than the $102 billion the Inflation Reduction Act purportedly reduces the deficit over 10 years starting in 2027. About 70% of the loan relief would go to borrowers in the top 60% of income distribution.
We hope Mr. Biden thinks better of this at the last moment. But if he does forgive student debt, it will expose the hollowness of the Democrats’ anti-inflation posturing. The party these days is about spending ever more money without restraint (except for defense).
Inflation? Party on, mates."
Yep. These DEMOCRATs are so diabolical they double down on the same legislation that caused inflation in the first place and with a complicit media proclaiming such spending will end inflation. Taxpayers get screwed and sycophants become benefactors.
He is just buying votes
Biden is a liar. He doesn’t have the authority to cancel these loans through a presidential executive order. He’s a president not a king.
Yep, Socialism is all about kings and centralized power.
Biden dont have to lie: The media does that for him.
There were about 150 million tax returns last year, so that works out to about $2000 per tax return. However when you take into consideration that 53% of those folks didn't have to pay federal tax that means the amount of taxpayer obligation for this latest Geriatric Joe disaster is about $4000 for each person who actually pays taxes.
Add to that, the influx of extra money into the economy, that has a very fragile supply chain due to the shutdowns, and you will see inflation skyrocket even more. It is another one of those momentary political feel good bills that will cause long term harm down the road. But those problems will be after the dems get re-elected so they will worry about that later. Bob
Pretty sure we will also see a staggering drop in inflation during those special 3 months where social security works up its COLA percentages.
Of coarse that drop will be what nice gentlemen call fabrication. I call it a LIE!
Yep and I have not forgotten how they redefined recession. Book used to say 2 quarters of zero economic growth.
Lying to protect a liar is what DEMOCRAT do.
Don't worry The Federal Reserve will buy all the debt with T Bills and forced all savers to pay for it through with Stag inflation and more taxes on the working class with no interest for savings accounts unless you sign up for saving bonds which are not very convertible when a crisis hits the dollar and they have congress change the rules with the new bail in Bank legislation .
Now if I failed to pay a 20,000 loan off then my credit score would be ruined for life. How can you be forgiven? It's another socialist con job from Biden with The Democrats. They extended the terms with no interest already and now this!