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Joe Biden is trying to pull a fast one on the American people again.
On Wednesday, Joe Biden returned to the White House to announce his student loan forgiveness plan.
It is more like a student loan debt transfer, however.
Biden was not exactly thrilled that the reception the order received was less than tepid.
Really, Joe?
With the country teetering on the edge of a major recession, Joe Biden poured another $300 billion in debt into it.
He tried to explain it since he is resuming payments for student loans at the end of the year, there will be $50 billion coming into the treasury to offset the costs.
Only that is entirely false.
The money coming in was already paid out; the debt he is “forgiving” is gone, sort of.
The money still has to be recovered, which it will be in the form of more taxes on the middle class.
Penn’s Wharton School of Business estimates this little move to buy millennial votes will cost Americans at least $300 billion.
A former Obama adviser says this will have a trickledown effect on the economy of adding between $150 to $200 per month in everyday expenses to American families.
Let me add some interesting information that I found about this…
Donors associated with higher education gave Biden $64.5 million during the 2020 campaign.
That put him atop the list of donors from this market.
The next two top recipients of funds were Senators Elizabeth Warren (D-MA) and Bernie Sanders (I-VT).
Those two received about $30 million combined.
These were the two that really pushed Biden hard for student loan forgiveness.
So, you have to ask yourself why.
Industry experts seem to agree that student loan forgiveness will end up driving tuition costs because this giveaway has, in essence, turned higher education into a seller’s market.
The logic here is that more kids will throw caution to the wind knowing they are getting $10,000 free.
With more demand, prices go up, so these universities that are sitting on tens of billions in endowments will get even richer.
We are being played, again.
