Joe Biden, despite facing a Supreme Court block on his campaign to shift hundreds of billions of dollars in student loan debt from the borrowers to the taxpayers in one fell swoop, has been executing this plan gradually. He’s been siphoning off a few billion here and there, and according to a new analysis in the Daily Mail, these incremental moves are projected to cost taxpayers a staggering $600 billion – with Biden far from finished.
This debt transfer strategy has been slammed by Republicans and other critics of Biden as nothing short of an attempt to buy votes ahead of the 2024 election, where he lags behind President Donald Trump. The damage inflicted by these debt transfers is not insignificant, and it won’t be resolved anytime soon, warns the analysis.
The national debt is $34 trillion. Inflation is making life unaffordable and this administration is now forcing the American people to pay the costs of student loans that borrowers willingly signed up for.
Biden’s policies are completely backward and illegal. https://t.co/bb8Zygo4O2
— Speaker Mike Johnson (@SpeakerJohnson) April 12, 2024
The repercussions of Biden’s actions could lead to inflation, as the costs will be distributed to everyone through higher prices. Over time, this move would compel the U.S. to issue more bonds, and more people would buy bonds instead of investing in the private sector, notes the report.
Marc Goldwein, from the Committee for a Responsible Federal Budget, explained that “Americans will feel the cost upfront through slightly higher prices, and over time with slightly lower future incomes.” The analysis also points out that factoring in the debt that will be cancelled moving forward and the interest cancelled during the pandemic pause on repayments, the total amount being forgiven is closer to $600 billion.
As a result of Biden’s actions, Americans will suffer in many ways. “You’re going to see an increase in the federal deficit and greater federal debts over time,” said Tristan Stein from Bipartisan Policy Center. “At the end of the day, it is current and future generations of taxpayers who are going to have to pay.”
It’s clear that Biden’s plan is not only detrimental to American taxpayers but also sets a dangerous precedent for potential vote-buying tactics. As Republicans continue their fight against such reckless policies, it remains crucial for voters to stay informed about these issues and their long-term implications.
Source: Conservative Firing Line
What about me and all the other millions who sacrificed to send our children to college. Will we be getting anything? That question is meant to give everyone a big laugh.
They borrowed the money – they pay it back. Why should we pay their debt so they can go on a vacation or go back to school on more borrowed money. I paid for my education, so should they. This is a vote buying scam.