Americans who are angry over Joe Biden’s deeply unfair student loan forgiveness scheme are liable to get even more upset once they see the bill.
A new Congressional Budget Office report finds that Biden’s vote-buying ploy will cost taxpayers a whopping $400 billion.
$400 billion scam
The non-partisan group also found that Biden’s decision to extend the student loan moratorium until the end of the year would cost another $20 billion.
The White House attempted to spin the report by citing its short-term estimates of the cost, but the White House will eventually release an estimate of the total expense as required by law, Politico reported. The administration also doubts the CBO’s projection that 90 percent of eligible borrowers will apply. The agency estimates that nearly half of borrowers will have all debt wiped.
“The bottom line is: There are a range of plausible estimates here,” a White House official said.
The CBO’s already high estimate of the cost doesn’t weigh Biden’s decision to lower the amount borrowers can be forced to repay monthly, which will likely cost another $120 billion, the Committee for a Responsible Federal Budget said.
“The president announced possibly the most expensive executive action in history without a score, and we’re now seeing just how expensive this policy is going to be,” the group’s Marc Goldwein said.
Adding insult to injury, Senate Majority Leader Chuck Schumer (D-Ny.) and Liz Warren (D-Ma.) dismissed the CBO’s estimate and said that Biden’s jubilee will benefit “working people” as opposed to “the wealthy and billionaire corporations.”
Apparently, Democrats think that plumbers are billionaires, and not “working people.”
As always with Biden, there’s a racial angle: Biden’s handout will disproportionately benefit Black and Latino students who are more likely to have student debt and receive federal Pell Grants. Recipients of the grants could get $20,000 in loan relief, double the amount for other borrowers.
Biden is proceeding with his student debt decree despite recently boasting that the flimsy legal pretext for it, the COVID pandemic, is “over.”
$400 billion is a lot of money. That money belongs to Americans. It isn’t there for Biden to campaign with. But once again, Biden is ignoring legal limits on his authority to help his political party — and leaving the American people to pay the price.