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President Joe Biden’s plan to “cancel” federal student loans might sound great to loan-holders and progressives, but it shows how little he cares about everyone else — such as those who’ll be picking up the bill or hit by increased inflation.
The plan would have taxpayers foot the bill for up to $20,000 per loan in outstanding Pell Grant balances and $10,000 for other debt. The price tag: a whopping $330 billion (about $2,000 per taxpayer) over 10 years, per the universally respected Penn Wharton Budget Model.
And 73% of the loan cancellations would benefit households in the top 60% of US earners.
This spending wipes out (and more) all the deficit-reduction that Democrats claim they achieved in their “Inflation Reduction” law, and also throws another $330 billion worth of gasoline on the inflation fire — which Dems ignited with their $1.
