President Joe Biden’s latest student loan forgiveness initiative is turning out to be a costly affair for American taxpayers, with the total bill now estimated at a staggering $559 billion. This new figure comes from a recent study by the University of Pennsylvania, which highlights a significant increase due to newly introduced provisions. Interestingly, it’s the higher-income earners who stand to benefit the most from these changes, sparking concerns about the fairness of the plan.
The University of Pennsylvania’s Penn Wharton Budget Model scrutinized the details and consequences of the new rounds of loan forgiveness under Biden’s Saving on a Valuable Education (SAVE) plan, introduced last summer. Surprisingly, the plan benefits individuals in the higher tax brackets substantially, contrary to its supposed aim to aid the economically vulnerable sections of society.
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Education Secretary Miguel Cardona has been vocal about the administration’s intentions, stating, “Today’s announcement shows — once again — that the Biden-Harris Administration is not letting up its efforts to give hardworking Americans some breathing room,” as reported by the New York Post. Cardona emphasized the administration’s commitment to alleviating the financial burdens of those grappling with basic necessities alongside student debt.
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Our present president is a disgrace to the hard working non college men and women. Let the dr,lawyers and other lice pay their own way as I did all those years ago.