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Tipsheet

Biden Bails to Delaware After Saddling American Families With Student Loan Debt

(AP Photo/Alex Brandon)

President Joe Biden is headed to Delaware again this weekend after dipping back into Washington D.C. this week. Previously, he had been on vacation since early in the month. 

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"In the afternoon, the President will travel to Beltsville, Maryland. The departure from the White House will be open press. The arrival at the Beltsville Landing Zone will be covered by the supplemental pool," the official White House schedule states. "Later, the President will depart Beltsville, Maryland en route Wilmington, Delaware. The departure from the Beltsville Landing Zone will be covered by the supplemental pool. The arrival at Delaware Air National Guard Base will be covered by the out-of-town pool."

During his short time at the White House, Biden announced the reallocation of student loan debt from wealthy degree holders to working class Americans. He then traveled to Rockville, Maryland for a DNC fundraiser. On his way to Marine One Friday afternoon, Biden also claimed the economy is doing well. 

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According to an analysis released Friday morning by Penn Wharton the move, which many have classified as illegal and unconstitutional, will cost American taxpayers $1 trillion. 

"President Biden’s new student loan forgiveness plan includes three major components. We estimate that debt cancellation alone will cost up to $519 billion, with about 75% of the benefit accruing to households making $88,000 or less. Loan forbearance will cost another $16 billion. The new income-driven repayment (IDR) program would cost another $70 billion, increasing the total plan cost to $605 billion under strict “static” assumptions. However, depending on future IDR program details to be released and potential behavioral (i.e., “non-static”) changes, total plan costs could exceed $1 trillion," Penn Wharton released.

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