America is going through economic turmoil and uncertainty.
But Joe Biden and his cronies in Washington, D.C. can’t help but spend even more taxpayer money.
And Biden’s latest economic disaster will cost taxpayers way more than anyone originally expected.
Joe Biden’s plan to shell out billions for “student loan forgiveness” is ill-advised at best
In a move that many experts are calling risky and unprecedented, Joe Biden has announced that he will be canceling a portion of student loan debt for thousands of Americans.
Biden has been talking about doing this since he was on the campaign trail, but given recent out-of-control inflation growth, he has kicked this can down the road.
But due to pressure from socialists who have taken over the Democrat Party, there is no more road left for Joe Biden.
As it stands, Joe Biden’s plan will forgive student debt up to $10,000 with an additional $10,000 for those with Pell grants.
Initially, Joe Biden claimed that this plan would cost taxpayers a whopping $329 billion, however, many experts are refuting this price tag.
According to the nonpartisan Center for a Responsible Federal Budget, this forgiveness plan will end up costing around $525 billion, nearly double the advertised price tag.
It should be noted that the Center for a Responsible Federal Budget does not expect all $525 billion to fall on the burden of taxpayers as some loans will be defaulted, bringing the tax burden to around $400 billion.
Either way, this program will be extremely expensive and inflation will almost certainly increase as a result of this plan and the so-called “Inflation Reduction Act.”
The radical Left and their addiction to out-of-control spending
Right now is the worst possible time for the federal government to increase its spending, given the rapid increase in inflation over the last couple of years.
But just like Hunter Biden’s crack addiction, Joe Biden and his political allies are helplessly addicted to spending money they do not have.
Responsible taxpayers will be the victims of this frivolous debt forgiveness plan.
Not only is forgiving billions in student loans arguably unconstitutional for the President to do, but it also teaches millions of Americans poor life lessons.
When you agree to pay back a loan, you should be aware of the burden that will have on your budget in the future.
If you know you can’t pay it back, then you should not sign it in the first place.
Or in this case, not go to college.
Most major trades in America are experiencing severe labor shortages due to underqualified young adults going to college to party and earn useless degrees.
College should never be treated as a “life experience,” but rather an institution of learning to qualify you for a high-paying job after college.
This basic, common sense idea is lost on most of Gen Z, and the federal government is reinforcing this foolishness.
US Political Daily will keep you up-to-date on any developments to this ongoing story.
