Posted on 08/27/2022 9:57:43 AM PDT by BenLurkin
The White House remains mum on how it plans to pay for President Biden's decision to cancel between $10,000 to $20,000 in student debt for some Americans or if future tax hikes will be needed to cover the proposal which, by some estimates, costs more than $500 billion.
Despite unveiling the policy earlier this week, administration officials have yet to clarify how the proposal will be paid for in the long term. Since the current plan calls for the government to forgive the debt, that means taxpayers are likely on the hook for much of the principal and interest is dumped on top of the nearly $31 trillion in existing U.S. debt.
(Excerpt) Read more at foxnews.com ...
Ask not for whom the bell tolls…
Oh we have a budget now! When did that happen?
Interesting question. The answer is, nobody. The money has already been paid out, so if anything this becomes a bookkeeping adjustment.
Unlike just about every other excessive spending program, no dollars leave the Treasury now.
See how the media distracts you? They are arguing about who pays for it instead of the fact that Brandon is not legally allowed to follow through on his emperor’s proclamation. After a time, when they have got all their political use from the announcement, it will be the Bill Clinton’s, “I worked really hard to try to get this done for the American people, but those Wascally Wepublicans wouldn’t let me help you.”
I think it’s time to change the name of the Snowflake Generation to the Piece of Meat with Two Eyes Generation.
Once they forgive the debt will it be considered income and taxed like a foreclosure, will they not be able to ask for another loan for 7 years?
. . . crickets. . . . . .
Somebody pays in such a debt. In any debt
In this case the loan servicing agent. Govt won’t pay them. Firmer students won’t.
They might end up- if they don’t go out of business leaving taxpayers to pay back the govt- vetting future borrowers for lucrative majors.
The schools have been paid. Tgey don’t care.
.......White House press secretary Karine Jean-Pierre........
She’s too stupid to say anything meaningful about anything!!!!
Nevertheless, we all know who will be paying for the “forgiven” student loans!!
The illegitimate biden administration botches everything it touches, including our entire economy!!!! PHOOEY to them all!!!!
They low balled it at 250,000,000. I hears as much as 1,000,000,000.
Bookmark
Congress recklessly spends to buy votes and lets the taxpayers cover the costs. Student spend recklessly to buy degrees in subjects that will not repay the debts and have the taxpayers pay.
That inflation reduction act will save us so much money that it will come from the windfall from it.
I am sure Ukraine will pay for it.
Go after a huge takeback from college and university trust funds, some of which exceed the GNP of many smaller nations around the world. These colleges and universities were the DIRECT beneficiaries of most of the largesse from student loans, and have been simply piling up the reserves, using little if any for scholarships to offset the need for student loans, and also are using these funds to pursue “boycott, divest, and sanction” (BDS) investment plans, which are proving to be detrimental to many positive programs around the world.
Start by taxing university endowments! Harvard has $53 Billion in the bank. Other Ivy League schools have similar endowments.
They will simply print more money. It increases inflation which BeijingBiden’s donors want since that decreases their debt.
Also note this $10-20K handout is really for the rich parents, to buy their votes. The sad-sack loser who signed up for a useless degree and now cannot get a job will still have tens of thousands of debt remaining. Giving them a pittance won’t mean much, this is for the parents.
Since the government doesn’t produce any wealth, that narrows down the choices.
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