So far, Joe Biden has canceled about $153 billion in student loan debt.
He canceled $7.4 billion just this week.
So just how much is this going to cost the American taxpayers, and who are the people getting their loans cancelled? Nellie Bowles at The Free Press laid it all out.
750,000 of households receiving loan payoffs from Biden are making over $312,000. From @NellieBowles: https://t.co/lL5qKmMJU2 pic.twitter.com/WYCsdbeWvh
— Karol Markowicz (@karol) April 19, 2024
From Penn Wharton’s analysis: “We estimate that President Biden’s recently announced ‘New Plans’ to provide relief to student borrowers will cost $84 billion, in addition to the $475 billion that we previously estimated for President Biden’s SAVE plan.”
As Bowles notes, if you thought this was all going to help poor people, you would be sadly mistaken. That's just more of Joe Biden's malarkey. Here's the truth.
Well, actually, at least 750,000 of those households are “making over $312,000 in average household income.”
Oh. Poor people who don't have college degrees, people who already paid off their loans, working people, seniors on fixed incomes -- heck, all the other Americans -- are subsidizing a lot of wealthy people, who now don't have to pay off the debts that they contracted to pay off, even though they make enough money to pay debts. Biden thinks it's unfair to make these wealthy people pay their own debts, but it's okay if we have to pay those debts. Talk about a wealth transfer from the poor and the middle class to the well-off.
Biden is also not working to make the cost of college less, he's just throwing more and more of the American people's tax dollars at it.
And the only answer is to pay off every Media Studies PhD student’s loan. Colleges, for their part, are now charging up to $100,000 a year. Yes, literally. And since that’s ultimately going to be paid for by the taxpayers, why work to make it less expensive?
The more the government subsidizes it with our tax dollars, the less the colleges need to make prices competitive and more in the realm of reality. That's why college tuitions have zoomed to ridiculous amounts. That's the problem that needs to be addressed, but no one is addressing it.
Biden has also essentially been bragging about defying the Supreme Court, saying he's not going to let them stop him from doing what he wants. So much for respecting the Constitution and the norms of our system. So much for that preservation of "democracy."
Biden again brags about defying the Supreme Court on his unilateral student loan debt bailout pic.twitter.com/ZUnw1Zprcj
— RNC Research (@RNCResearch) April 19, 2024
What's funny there is, again, how clueless Biden is. He's talking about this bailout in front of the International Brotherhood of Electrical Workers -- where there are probably some folks who didn't go to college, so he's basically talking about screwing them over and thinking it's a good idea.
On top of that, Biden has just announced (at least until the White House scrambles and takes it back) that he's going to raise taxes on the majority of Americans by letting former President Donald Trump's Trump’s Tax Cuts and Jobs Act (TCJA) expire.
READ MORE:
Biden Brags About Defying the Supreme Court As the Slurring and Incoherence Hit a Fever Pitch
Whoops: Biden Just Let the Cat Out of the Bag About Raising Your Taxes If He's Put Back in Office
He's taking the money you pay in to buy votes from these folks on the student loan debt, then he's going to ask you to pay more. Then to cap it off, he claims that Republicans want to give benefits to the rich -- as he's doing just that.
Unreal. If I were Trump, I'd be out with an ad letting everyone know they're going to get ripped off twice under Biden.
Remember how hard the media pushed Democrat talking points about the Trump tax cuts “only helping the wealthy?” (which was obviously false)
— Matt Whitlock (@mattdizwhitlock) April 20, 2024
Where’s that coverage and analysis for the Biden agenda disproportionately helping wealthy Democrats? https://t.co/DQB177FKNy
Joe Biden is robbing from plumbers, electricians, and millions of hard working Americans to pay off the mountains of debt from folks who make over $300,000 a year.
— Steve Guest (@SteveGuest) April 19, 2024
This wealth transfer is highway robbery at its finest. https://t.co/aCX3YN6nIo
