Joe Biden hands out a $10,000 'gift' to the rich he'd like you to pay for

[mystery-ak]

August 24, 2022
Joe Biden hands out a $10,000 'gift' to the rich he'd like you to pay for
By Monica Showalter

When it comes to bribes, Joe Biden likes to go big.

Which is about the only way to explain his economically insane plan to hand out $10,000 in student loan debt "forgiveness" to any borrower making up to $124,999.99 a year.

That's a gift, but not one he'll pay for. He'll have you pay for it -- to the tune of $300 billion minimum, but quite possibly $980 billion -- while he claims to be Mister Bountiful.

It's nothing but a bribe to a voting bloc he's counting on to help his flailing Democrats in 2022 and a payoff to secure his re-election in 2024.

According to Bloomberg:

Forgiving student loan debt will cost between $300 billion and $980 billion over 10 years, according to a new analysis, with the majority of relief going toward borrowers in the top 60% of earners.

The Penn Wharton Budget Model estimate was released Tuesday ahead of President Joe Biden’s long-anticipated decision as soon as this week on whether to forgive some student loan debt. White House officials have been trying to combat critiques that such a move would add to rampant inflation that’s become a political liability for Biden and his fellow Democrats. 

...

The group estimated that between 69% and 73% of any debt forgiven would accrue to households that rank in the top 60% of the US’s income distribution.

more
https://www.americanthinker.com/blog/2022/08/joe_biden_hands_out_a_10000_gift_to_the_rich_hed_like_you_to_pay_for.html

[andy58-in-nh]

It definitely pisses me off, as I am currently paying off one of my daughter's loans (she's paying the others), but my income is too high to qualify for "forgiveness" - which I don't want anyway.

Instead, I get to subsidize other people's absurdly expensive and often useless college degrees.

[Right_in_Virginia]

Biden plan is:
—up to $20K of debt cancellation for Pell grant recipients
— up to $10K for most other non-Pell borrowers
—all relief limited to individuals earning <$125K; families <$250K
—payment pause extended thru Dec 31

https://mobile.twitter.com/samstein/status/1562444217103704066