Nolte: Joe Biden’s Student Loan Giveaway Contributes to 27% Deficit BoostJohn Nolte 21 Jun 2024
The 2024 federal budget deficit will climb to $1.9 trillion, which is $400 billion more than projected, thanks, in large part, to student loan “forgiveness.”
The largest portion of that $400 billion surprise comes from “a $145 billion increase that’s partly due to changes the Biden administration made to student loan repayment plans and a new, proposed forgiveness program that would waive some accrued interest for millions of borrowers.”
Well, that’s how CNNLOL spins it, but, in Normal People language, it goes something like this… In a craven bid to purchase votes from a young demographic that he’s losing to Orange Man Bad, Biden is transferring student loan obligations from the privileged who went to college to the rest of us.
This is really something:
Looking longer term, the nation’s debt will approach $57 trillion in fiscal year 2034, nearly $2.5 trillion higher than previously projected, as spending on Social Security, Medicare and interest payments soar and revenues fail to keep pace. The growing imbalance is expected to loom large over upcoming congressional budget and tax battles.
America will be $57 trillion in debt. That doesn’t bother me so much. What bothers me is the waste:
Servicing the debt is one of the federal government’s biggest expenses. Net interest payments on the debt are estimated to total $395.5 billion this fiscal year, or 6.8% of all federal outlays, according to the Office of Management and Budget. That’s more than $100 billion more than the government expects to spend on veterans’ benefits and services and more than it will spend on elementary and secondary education, disaster relief, agriculture, science and space programs, foreign aid, and natural resources and environmental protection combined.We’re pissing away all that money on debt service. It’s outrageous. Imagine the good it would do if we could return that $395.5 million to the taxpayers every year.
more
https://www.breitbart.com/economy/2024/06/21/nolte-joe-bidens-student-loan-giveaway-contributes-to-27-deficit-boost/
