Biden Student Loan Write-Off Plan Will Cost Over $1 Trillion, Not $300 Billion, by Hans Bader

Children’s National Hospital Caught Admitting to Giving Children Under 16 Hysterectomies in Shocking Audio Recording, by Cassandra Fairbanks
August 26, 2022
Saint of the Day for August 26: St. Joseph Calasanz
August 26, 2022

Photo by Joshua Hoehne on Unsplash

By Hans Bader, CNSNews, August 25, 2022

Yesterday, Joe Biden announced a plan to write off $10,000 in student loans for most people who haven’t paid off their student loans — and $20,000 in student loans for people who received Pell Grants. Biden’s plan will increase inflation, inequality, tuition, and the national debt.

News articles have estimated the cost of Biden’s plan at around $300 billion. But that’s an underestimate. Earlier estimates of the cost of student loan forgiveness pegged its cost at $330 billion ($2,100 per taxpayer). But that was based on the assumption that a maximum of $10,000 would be written off, not the higher amount of $20,000, as Biden has now made clear will be written off for millions of student loan borrowers with Pell Grants. …

Continue reading >>>>