Oops, he did it again.
That’s right: In the spirit of further elevating inflation, Biden has decided that now is a great time to arbitrarily forgive up to $10,000 in loans for borrowers making under $125,000 a year.
Biden made the dreadful announcement on Twitter, humorously linking it to his so-called “campaign promise.”
“In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023. I’ll have more details this afternoon,” Biden brayed.
How about the campaign promise for unity?
Guess that one’s simply too popular with everyone to pursue.
One thing that most definitely is not too popular is the eye-popping price tag that this debt forgiveness will entail, as detailed by University of Pennsylvania’s Wharton Business School.
The prestigious business school places the price tag for taxpayers at least $329B by 2031, which is quite sizeable in conjunction with the Biden administration’s other pet projects.
Lawrence Summers – who served as Treasury Secretary under President Bill Clinton as well as National Economic Council Director under President Barack Obama – certainly does not seem impressed, judging from his rather brusque commentary.
“The worst idea would be a continuation of the current moratorium that benefits among others highly paid surgeons, lawyers and investment bankers,” Summers remarked idly.
Seriously. Not like economic logic is high on the Biden team’s priority list.
“If relief is to be given it should not set any precedent, it should only be given for the first few thousand dollars of debt, and for those with genuinely middle class incomes,” Summers continued.
Seriously. After all, what about American families who chose not to send their children to college due to costs? How is it remotely fair that they have to pay for someone else’s kid’s college fees?
Plus, don’t even bother to ask Biden about how his plan is remotely fair to individuals who responsibly paid off their loans.
Just consider the so-called leader’s response to a reporter’s inquiry regarding exactly this point:
“Is it fair to people who in fact do not own multibillion-dollar businesses to see when these guys get all the tax breaks? Is that fair? What do you think?” Biden snarled.
Way to deflect, Mr. President.
Would be interesting to see how he’d deflect with regards to the additionally brutaly commentary from Mr. Summers below.
“Every dollar spent on student loan relief is a dollar that could have gone to support those who don’t get the opportunity to go to college. Student loan debt relief is spending that raises demand and increases inflation,” Summers continued, “it consumes resources that could be better used helping those who did not, for whatever reason, have the chance to attend college. It will also tend to be inflationary by raising tuitions.”
And perhaps all of the above reasons are precisely why the Biden administration is pursuing such an absurd scheme in the first place.
Biden gave a rather frightening answer pertaining to how his administration intends to pay for the madness, in that it was really no answer whatsoever.
“Let’s be clear. I hear it all the time, ‘How do we pay for it?’ We pay for it by what we’ve done,” Biden blared.
“We pay for it by what we’ve done.” Right. Got it.
Americans should also rest easier with that kind of a response. Not.
Author: Jane Jones