New student loans repayment will cost $475B, $45B more than the plan that Supreme Court struck down
On 7/17/2023, a reporter asked White House Press Secretary Karine Jean-Pierre, “So the Penn Wharton Budget Model recalculated costs based on the new rules for the student loan forgiveness. The model now says that those rules will cost an additional $475 billion over the next 10 years. I’m just wondering when the President will — will unveil a plan that actually reduces spending.
KJP: So, look, just a couple of things because — as it relates to — and you’re talking about the student loan?
Reporter: The student loan forgiv- — the new rules that —
KJP: Yeah. Yeah.
Reporter: Yeah, from the Department of Ed.
KJP: So, look, the Department of Education, they estimated this particular piece to cost about $156 billion over the next decade. And the reason why we were able to do this, the reason why we believe this is being done in a responsible way … Let’s not forget, the first two years, the deficit has gone down by more than $1 trillion. And that is the def- — and the deficit reduction, because of Bidenomics and because of the work that he’s been doing.
Reporter: But that’s COVID spending coming off. The deficit is actually increasing —
KJP: Yeah, but it’s still —
Reporter: — according to the CBO.
KJP: Well, look, what — the — what we have seen is it’s gone down over a trillion dollars, right? And he has done this in a responsible way. And so he has done reduction. As we look at the deficit, it has come down and done so more than any other president has been able to do in their four years — first four years of the administration …
Q: Despite Huge Incentives, EVs on dealer lots ballooned to 92 days, well above 51 days A: demand high
Reporter: Let me ask you about EVs. Ford just cut the price of the F-150. Cox Automotive is showing that dealerships now have a 92-day supply of EVs on their lots, which is about twice the average for a gas-powered car on their lot. Is this the marketplace speaking, saying that people don’t want this transition as quickly?
KJP: So, look, I’ve seen that same study. A couple of things that I also want to make sure that folks know about:
The EV sales hit a record high last quarter and increased nearly 50 percent from the same time last year. So that’s important to note. And EV prices are actually down 20 percent per year-over-year on average, with EVs that are eligible for the Inflation Reduction Act credits seeing high demand. So we’re seeing a lot of high demand here, which matters as we’re looking at the study.
And because of what this President has done — and the congressional Democrats, as we think about the Inflation Reduction Act — sales are going up. Car- — costs are coming down. That’s important to note.
It’s also good to see that after a couple of years where it was hard to find electric vehicles, they are now readily available for consumers. So, you know, that is also important as we move forward with Inflation Reduction Act — as we move forward in implementing a very historical piece of legislation that’s going to deal with climate change, that’s going to create record — record jobs — right? — good-paying union jobs. All of these things are coming out of the work that this President and Democrats have been able to get done.
KJP Says She Disagrees With Community Note On False Real Wage Claim In Biden’s Tweet
Reporter: The President had a tweet out last night saying that real wages for the average American worker have — are higher than they were before the — the pandemic. That tweet has now been annotated with a message from the platform, saying that that is not factual and that they have some — some — some stats and some charts footnoted along with that. Do you welcome that kind of contestation from tech platforms?
KJP: We disagree. Go ahead.
Reporter: Do you have any — any —
KJP: Well, we disagree because we’re looking at the data from — from February of 2021, and what we’ve seen is that wages have — have gotten stronger, have increased. We’ve seen that Biden eco- — economi- — Biden — Bidenomics has been really helpful …
Reporter: And are you able to —
KJP: Go ahead.
Reporter: — share that information with Twitter, given the judicial —
KJP: Sure. Sure. We’re happy to do that —
Karine Jean-Pierre Credits “Bidenomics” For “Wages Going Up,” But Wages Are Down 3% Under Biden
Reporter: … raise inflation concerns here at home? I mean, you know, we saw some positive trendlines in last few months, but that that could reverse some of that — some of that progress?
KJP: … you are seeing with our economy being stronger, wages going up, unemployment going down — staying under 4 percent, something that we haven’t seen in 50 years — is because of Bidenomics, as you’ve heard us talk about. It’s because of the work that this President has done .. As far as the — the inflation, that
https://www.facebook.com/HygoNewsUSA/videos/1279228992961649