(The Center Square) – President Joe Biden’s plans to cancel student debt for some borrowers could cost taxpayers up to $1.4 trillion, depending on how the plans are implemented, a new report estimates.
The nonpartisan Committee for a Responsible Federal Budget estimated all Biden’s recent debt cancellation efforts would cost a combined $870 billion to $1.4 trillion.
“That’s more than all federal spending on higher education over the nation’s entire history,” according to a report from the group. “The vast majority of this debt cancellation was put in place through executive actions under President Biden.”
The group said about $620 billion of debt cancellation has already been implemented.
“Our numbers differ somewhat from our previous estimates, mainly because the President’s plan to cancel $10,000 to $20,000 of student debt per person was ruled illegal by the Supreme Court and the cost of his newest plan remains uncertain,” according to the report.
The Committee for a Responsible Federal Budget noted its $870 billion to $1.4 trillion estimate was close in cost to all projected education appropriations over the next decade (about $935 billion from 2025-2034). It estimated the cost of offering universal pre-K and universal affordable child care would be $750 billion.
“As we’ve explained before, most of these student debt cancellation policies have not only been costly, but also inflationary, poorly targeted, counter to the mission of lowering college costs, and not financially justified,” according to the report. “Instead of continuing down this road, lawmakers should work together on reforms that actually fix the student loan program and address the cost and quality of higher education.”
Biden’s plans to cancel student debt for some borrowers could cost taxpayers up to $1.4 trillion
Get an &#@^ job losers !
Which makes you wonder, HOW MANY OF THAT Is being forgiven of these Student HAMAS SUPPORTER TERRORISTS LOVERS?!
Article II Section 4 -U.S. Constitution Disqualification
“The President, Vice President and all civil Officers of the United States, shall be removed from Office on Impeachment for, and Conviction of, Treason, BRIBERY, or other high Crimes and Misdemeanors.”
Joe Biden’s criminal attempt at class and party discriminatory criminal wealth redistribution in the form of student loan forgiveness used to buy tens of thousands of electoral votes, is a clear out right case of Bribery whose 1.4 Trillion in social theft more than qualifies him for immediate removal from office NOW and a ride on old sparky without a sponge, LATER,,, for treason.
Never in the history of America or Mankind has so much wealth been purloined for the seizure of personal aggrandizement and power, by one imagined man so little and powerless an example of human American male prowess, that if pulled off successfully, would qualify Joe for the crime of the century if not the millennium.
Alinsky the student of Karl Marx, Obama the student of Alinsky, Biden the student of Obama. I think the price America has paid these America hating students and teachers of social political criminality is more than enough already.
WE NEED a gop who has a backbone, to ever try to push that..
UNFORTUNATELY we have not had that, since the days of Reagan imo.