OPINION: Biden's student loan handout taxes the poor and throws gas on the inflation fire
Biden explains that the federal government will provide $10,000 of student loan "relief" to Americans with debt who make under $125,000 a year.Government spending is a major cause of inflation. And inflation is a tax on the poor. This Congress has spent massive amounts of taxpayer dollars in the past two years, leading to historic highs in inflation not seen since the 1970s.
Now, adding additional fuel to the inflation fire, the administration has announced its plainly illegal plan to forgive $10,000 of student loan debt per person for borrowers making under $125,000 per year. Democrats have touted their student loan schemes as promoting economic equity, but in fact it does the opposite.gives 69 percent of benefits to borrowers in the top 60 percent of income distribution, according to the University of Pennsylvania Wharton Budget Model.
WASHINGTON, DC - AUGUST 24: U.S. President Joe Biden, joined by Education Secretary Miguel Cardona, speaks on student loan debt in the Roosevelt Room of the White House August 24, 2022 in Washington, D.C. And the repeated loan repayment pauses have effectively given doctors a $90,000 bonus and lawyers a $55,000 bonus in loan forgiveness, says an analysis by the Committee for a Responsible Federal Budget.
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