www.americanthinker.com When it comes to bribes, Joe Biden likes to go big.
This is about the only way to explain his economically insane plan to hand out $10,000 in student loan debt “forgiveness” to any borrower making up to $124,999.99 a year.
That’s a gift, but not one he’ll pay for. He’ll have you pay for it — to the tune of $300 billion, minimum, but quite possibly $980 billion — while he claims to be Mister Bountiful.
It’s nothing but a bribe to a voting bloc he’s counting on to help his flailing Democrats in 2022 and a payoff to secure his re-election in 2024.
According to Bloomberg:
Forgiving student loan debt will cost between $300 billion and $980 billion over 10 years, according to a new analysis, with the majority of relief going toward borrowers in the top 60% of earners.
The Penn Wharton Budget Model estimate was released Tuesday ahead of President Joe Biden’s long-anticipated decision as soon as this week on whether to forgive some student loan debt. White House officials have been trying to combat critiques that such a move would add to rampant inflation that’s become a political liability for Biden and his fellow Democrats. …
The group estimated that between 69% and 73% of any debt forgiven would accrue to households that rank in the top 60% of the US’s income distribution.
Bloomberg also reports that there’s a debt repayment pause in the works, as well as talk of even higher amounts of “debt forgiveness” to student borrowers with lower incomes who took Pell grants…
