Biden’s Student Loan Debt Forgiveness Costing Americans How Much?
All of these costs fall on the America taxpayers.
A new report coming out of the University of Pennsylvania’s Wharton School for business found that President Biden’s new decision to forgive student loan debt for millions of Americans will end up costing the United States government an astounding $1 trillion over the next 10 years.
According to Fox Business, Biden announced that he will reduce the debts of Americans who attended college and currently make less that $125,000 a year.
Wharton School for business took an in-depth analysis of Biden’s new plan and explained, “We estimate that President Biden’s proposed student loan debt cancelation alone will cost between $469 billion to $519 billion over the 10-year budget window, depending on whether existing and new students are included. About 75% of the benefit falls to households making $88,000 or less per year.”
Loan forbearance for projected to cost an additional $16 billion however with Biden’s new income-driven repayment (IDR) program the plan will add an additional $70 billion to the cost.
United States federal debt is currently over $30 trillion.
It’s appears that the Democrats have once again failed America and the taxpayers are going to have to pay for it. Maybe Biden’s new and improved IRS will really take the American taxpayer for everything they have and force the money out of our wallets.
