Joe Biden showed up for work, and most of us wish he would have stayed on vacation.
Biden returned to the White House to stick the middle class with another $300 billion of debt, at least, by telling millennials they don’t have to pay their student loans.
Then he tried to use the shell game to make us believe it won’t cost us anything.
The Impact
Biden also announced that he was giving one more pause on student loan repayments, which would resume again at the end of the year.
By doing this, he stated, “As a consequence, about $50 billion a year will start coming back into the Treasury because of the resumption of debt.
He added that experts “agree that these actions taken together will provide real benefits for families without meaningful effect on inflation.”
That is a stretch, at best.
That money coming in is already owed back to the government from loans, so this is not an offsetting cost as he hints in his explanation.
Secondly, what most experts agree on, including the University of Pennsylvania Wharton School of Business, is that this will cost taxpayers at least $300 billion, and more than likely contribute to the triggering of a recession.
There is one more pill to swallow.
Because of the anticipation of future student loan forgiveness, there is now the worry that kids will be less hesitant to go to school, racking up even more debt.
This makes college a seller’s market, meaning that it is likely that tuition rates will soar over the next decade in anticipation of enrollments going up.
Mind you, tuition costs will rise at schools that have endowments in the tens of billions, all of whom could easily afford to give tuition for free, or discounted, if they wanted to do so.
Instead, they will dig deeper into our pockets and continue to rob us blind, all because Joe Biden wanted to get Democrats some votes in November.
Source: Fox News
