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Biden's Student Loan Forgiveness Plan Will Make Colleges Even More Expensive

John Galt

Updated: August 25, 2022

econ 101
Editor’s Note:

EDITOR'S NOTE: So, what’s wrong with Biden’s student loan forgiveness plan? Well, taken into a wider fiscal context, everything is wrong with it, according to the article below. It will likely exacerbate inflation. It will make colleges even more expensive. In the end, it’s part of Biden’s $300 BILLION spending agenda not to better the lives of American citizens but to save his party in the upcoming midterm elections. Also, a good chunk of it went to Ukraine. The only thing wrong with that is that it comes at the expense of the American people. It actively impoverishes the American people for the benefit of Democrat lawmakers. Still, $10,000 to $20,000 in loan forgiveness is a sizable-enough chunk that would cause anyone weighed down by student loans to celebrate. That’s not so bad for the near term. But once we get the bill, many are going to be asking whether the cost of Biden’s coercive marketing budget was really worth our hard-earned capital.

Biden is the opposite of the miserly Scrooge McDuck. He gives billions to Ukraine and spends trillions on various Federal projects without batting an eye as to how and who is going to pay for all the spending. And Biden’s latest election pandering is no different.

Speaker Pelosi claims that Biden’s bold action on student loan forgiveness is a strong step in Democrats’ fight to … make college even MORE expensive and lead to colleges hiring even MORE administrators (aka, apparatchiks) making colleges even MORE bogged-down in red tape.

Source: Confounded Interest

And Speaker Pelosi, the costs of Biden’s midterm election buy of votes is estimated to be $300 BILLION. And a report from the Brookings Institution observed that one-third of student debt is owed by the wealthiest 20% of households, while only 8% is owned by the bottom 20%.

So, Biden is letting AOC write-off $10k of her student loan obligation. Bear in mind that the $10k forgiveness is taxed by The Federal government as income.

It looks like The Fed will have to expand the M2 Money supply to pay for “Billions Biden’s” spending spree.

Source: Confounded Interest

I wish Biden, Pelosi and Schumer were more like Dwight Schrute from Dunder-Mifflin.

Source: Confounded Interest

Originally published on Confounded Interest.

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