Imperial Presidency

Pollo Elastico

Pollo Elastico

BRONZE
pjmedia.com

In 'The Inflation Expansion Act,' Biden Will 'Forgive' $300 Billion in Student Loan Debt

pjmedia.com pjmedia.com

This is not good news on a number of fronts.

- Without going through a vote one person is making a 300 billion dollar decision?
- Why should people who didn't go to college and/or people who did, had debt and paid it off, subsidize those who have not paid off their debt?
- The use of executive orders over that past couple of decades has grown too much.

Biden is expected to make the much-anticipated announcement today. The executive order by Biden will cost about $300 billion this year, and $330 billion over 10 years, according to the Penn Wharton Budget Model. The extension of the moratorium will add another $15-20 billion to the cost.
 
Pollo Elastico said:
pjmedia.com

In 'The Inflation Expansion Act,' Biden Will 'Forgive' $300 Billion in Student Loan Debt

pjmedia.com pjmedia.com

This is not good news on a number of fronts.

- Without going through a vote one person is making a 300 billion dollar decision?
- Why should people who didn't go to college and/or people who did, had debt and paid it off, subsidize those who have not paid off their debt?
- The use of executive orders over that past couple of decades has grown too much.

Biden is expected to make the much-anticipated announcement today. The executive order by Biden will cost about $300 billion this year, and $330 billion over 10 years, according to the Penn Wharton Budget Model. The extension of the moratorium will add another $15-20 billion to the cost.
Click to expand...

He's not making the decision..his masters are pulling his strings and the puppet is just along for the ride. And this is total BS to cover the debt of others with taxpayer money. So the poor woman making $40K a year as a maid in some hotel gets to kick in to help wipe the slate clean for some schmuck making over $100K and now has no student loan debt? The working class gets screwed over again. I'm hoping people really wake up this November and realize that the ones they elected to office who say they care about them..really don't give 2 craps about them.
 
WH Press Secretary just said.."this is important to middle-class Americans"..you think?!?!
Granted...it's $10K and not completely absolving anyone of their entire debt. But anyone who took out student loans in the first place knows what they were getting into. Nobody else should have to shoulder the responsibility of someone else's debt.
 
Biden’s student loan ‘fix’ will likely make the problem worse

How many ways can a single policy be bad? This one could cost the federal government somewhere between $400 billion and $600 billion, completely unpaid for. Its legality is at best an abuse of the law to address the “national emergency” of upcoming midterm elections. It will pour “roughly half [a] trillion dollars of gasoline on the inflationary fire that is already burning,” says Jason Furman, formerly the top economic adviser to President Barack Obama. And with the income caps set so high, it remains an extremely regressive policy, heaping benefits on the most affluent demographics, while leaving everyone else to pay the cost through some combination of higher taxes, lower benefits, or higher inflation and interest rates.

 
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