On 8/24/2022, Joe Biden announced a massive forgiveness of student loans. Biden canceled up to $10,000 in student debt for borrowers who earn $125,000 a year or less and up to $20,000 for recipients of Pell Grants. Joe Biden claimed ‘canceling’ student loan debt won’t have any “meaningful effect on inflation.” “Independent experts agree that these actions taken together will provide real benefits for families without meaningful effect on inflation,” said Biden.
Biden answered only two questions after he delivered remarks. “How much advance notice did you have of the FBI’s plan to raid Mar-a-Lago?” Fox News reporter Peter Doocy asked Biden. “I didn’t have any advance notice. None. Zero. Not one single bit,” Biden said before turning around and walking away. Biden had absolutely no answer when asked if cancelling student loans is unfair to others.
Biden Education Secretary said that Yes, those who paid their Loans get NOTHING From Biden’s Debt Bailout.
Biden resurrected the story of cars waiting in long lines for food, even though it is happening under his administration. Biden made absolutely no sense as he rambled on about student loan debt cancelation.
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Biden claimed that his administration’s move to restart frozen federal student loan payments at the end of the year is an “economically responsible course” and that he will deliver on a campaign “commitment” to cancel $10,000 of federal student loan debt for certain borrowers making less than $125,000 per year, and up to $20,000 for Pell Grant recipients, while extending the pause on federal student loan payments through the end of the year.
He said “at the same time as we provided targeted relief,” his administration is taking an “economically responsible course.” “As a consequence, about $50 billion a year will start coming back into the Treasury because of the resumption of debt,” Biden said, adding that experts “agree that these actions taken together will provide real benefits for families without meaningful effect on inflation.”
According to a Penn Wharton Budget Model, a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion for taxpayers. Some economists argue that will spur inflation. The $300 billion adds up to about the amount of deficit reduction included in the so-called Inflation Reduction Act passed earlier this month. Biden brushed off claims that the plan would add to the debt, citing previous debt reduction and declaring that he would “never apologize” for helping the “American middle class.” The nation’s federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.
Biden said that under his new plan, “nearly 45% can have their student debt fully canceled.” “That’s 20 million people who can start getting on with their lives,” Biden said.
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Biden: canceling massive Student Loan Debt no meaningful effect on inflation, those who paid their Loans get NOTHING.