It has been four days since the Biden administration announced the cancellation of student loan debts, causing a massive wave of mixed reactions.
In true Biden fashion, the White House has yet to clarify who will be responsible for paying off those cancelled loans, skirting around the questions at every chance.
Perhaps it will be taxpayers ultimately paying for the loans, since the plan calls for the government to forgive the debt, which will only add to the nearly $31 trillion in existing U.S. debt taxpayers are already on the hook for.
During press briefings earlier this week, White House Press Secretary Karine Jean-Pierre struggled to answer basic questions on where the money will be coming from.
At one point, Fox News correspondent Peter Doocy and Jean-Pierre had a heated exchange where he had to ask six times about who will be paying for the loans, to which she refrained from ever really answering.
During a segment on CNN, the Biden administration once again dodged questions on the plan that will forgive thousands of dollars in federal student loans.
“New Day" host John Berman incessantly asked Education Secretary Dr. Miguel Cardona how much the plan was going to cost.
Offering no firm answer, Cardona insisted that the cost of the plan would be offset and that there should be no concerns about inflation.
However, the Biden administration has yet to even explain how the added spending will be offset.
Meanwhile, the National Taxpayers Union Foundation predicts that the cost of student debt cancellation could average $2,000 per taxpayer, and that’s on the low end.
“The total cost of $10,000 in debt cancellation for borrowers making less than $125,000 per year would be $329.1 billion over 10 years. There were just under 158 million taxpayers in 2019 according to the IRS, meaning that the average cost of debt cancellation is $2,085.59 per taxpayer,” a Penn Wharton Budget Model (PWBM) policy report found.
On Wednesday, Joe Biden announced plans to forgive $10,000 in student loans for borrowers making less than $125,000 a year, with many experts arguing this will hurt the struggling economy even more.
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