YIKES! You Won't Believe How Much Biden's Student Loan 'Forgiveness' Adds to the Deficit

PJ Media ^ | 06/21/2024 | Matt Margolis

[SeekAndFind]

The Congressional Budget Office revealed on Tuesday that the federal budget deficit for this fiscal year is expected to hit $1.9 trillion, marking a 27% increase of $400 billion from their earlier February estimate.

"Most of the spike in the fiscal 2024 deficit stems from four factors that are expected to boost projected spending," CNN explains.

"The largest is a $145 billion increase 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. The latter has yet to be finalized but could take effect as soon as this fall."

As bad as this sounds, the situation is even worse than you think. It is anticipated that our national 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."

Does this sound sustainable to anyone?

Also, the CBO increased the projected outlays for deposit insurance by about $70 billion because the Federal Deposit Insurance Corporation is not recovering disbursements it made when resolving five bank failures from the last fiscal year and this fiscal year as quickly as anticipated. Three of the five bank failures in 2023 were among the largest bank failures in US history. To replenish the multibillion-dollar hit to the FDIC’s Deposit Insurance Fund due to recent bank failures, the agency is temporarily levying higher fees on hundreds of insured banks and selling off failed banks’ assets.

Newly enacted legislation is increasing projected discretionary spending by $60 billion, and estimated spending on Medicaid is about $50 billion higher because actual outlays so far in fiscal year 2024 have been larger than expected.

[milagro]

I would, because the Biden administration’s goal is to do Xi’s bidding and bankrupt our (formerly) free Republic.

[CivilWarBrewing]

Biden's HANDLERS are STUDENTS of 'CLOWARD & PIVEN'.

The U.S. is being Cloward & Pivened to DEATH.

Three words that explain the evil regime's intent:

CLOWARD AND PIVEN and IRRECOVERABLE DEBT !!!!

[Red Badger]

“Never underestimate Joe’s ability to f*** things up.” - B. H. Obama........................

[griswold3]

What happens when you eat the seed corn? We’re long past that point. Seems FJB added $10T to the US Debt while claiming he reduced the deficit. Fun with numbers.

[bluescape]

Is there a link to some conservative lawyers on this being struck down? I head the USSC nixed it, but biden ran it through some department.

I know some unconstitutional laws get passed and take years to undo (like a recent one we all know of) but surely a president can’t just redistribute money at will, right?

I’d like to hear any current update about this from some sound legal minds like Viva and Barnes, or Gregg Jarrett.

[econjack]

By a vote of 6-3, the justices ruled that the Biden administration overstepped its authority last year when it announced that it would cancel up to $400 billion in student loans. The Biden administration had said that as many as 43 million Americans would have benefitted from the loan forgiveness program; almost half of those borrowers would have had all of their student loans forgiven.

So, Joe gets to just thumb his nose at the SCOTUS? If your loan doesn't earn you enough to pay the loan off, what makes you think the US taxpayer should pay it off?

[Jan_Sobieski]

It’s nice that the Republicans gave Joe Biden the money to forgive all those Democrat voting indebted college students. Republicans are so generous when it comes to managing our money!

[SeekAndFind]

RE: It’s nice that the Republicans gave Joe Biden the money to forgive all those Democrat voting indebted college students.

When did Republicans vote for it? That escaped me.

[poinq]

most student debt is for government employees. So these are democrats. Almost all government jobs have a requirement for certain college degrees or a pay raise is mandated due to college degree level.

[Robert DeLong]

Yeah, he us trying to destroy our nation.

[gitmo]

Biden is the worst thing to strike this nation since The War Between The States.

[ridesthemiles]

1000 % CORRECT

[oldskoolwargamer2]

Trump needs to absolutely hammer Biden on this during the debate. It is broadly unpopular and people need to know how much this costs, and more importantly, who is paying for this.

[antidemoncrat]

This can’t be true as braggin Biden says he reduced the deficit by more than $1 trillion in 2024 ... Bwhahahahahaha

[Ruy Dias de Bivar]

I just got an e-mail from ”Elle Maddux,” some company offering me a chance to eliminate my student loan debt through them. Since graduating from High School back in 1964, I have NEVER had a student loan. Be careful. Scammers at work.

[Diversity Is Our Weakness]

The SC has ruled Joe Vegetable can’t do this but he just ignores that and the press looks the other way. If trump had defied the SC, the press would have screamed DICTATORSHIP.

[JimRed]

Obama once said “Stroke of the pen, law of the land”. Will a stroke of Trump’s pen undo this injustice next year? Stay tuned!

[TwelveOfTwenty]

If trump had defied the SC, the press would have screamed DICTATORSHIP.

And too many on our side would continue to fund that press with our TV subscriptions for the privilege of sitting on our tails and being entertained by them.