There was never any doubt that Biden would force taxpayers to shoulder the college loans of his political base. The more unpopular Biden has become, the more radical his administration gets. Having lost most voters, Biden is fighting to survive by pandering to his base. And his base now consists of the Left and black women. College loans are their issue.
And we’re going to pay a fortune for this latest burst of voter pandering.
Public reporting indicates President Biden may soon announce executive action canceling federal student loan debt for a large set of borrowers. Though parameters of the student debt cancellation have yet to be announced, the Biden administration may cancel $10,000 of debt per borrower for borrowers making $125,000 in income per year or less. Based on projections from the Penn Wharton Budget Model for the total cost of such cancellation, we estimate President Biden’s plan would cost the average taxpayer over $2,000.
He did it. And there was no real doubt.
Give Biden some credit, Obama kept up the facade of not giving a damn much longer than this. Biden has never been able to hide what he is. The Inflation Increase Act and this latest corrupt giveaway to his base is a message in the sky that he doesn’t care about anyone other than his core voting bases whose help he needs in a primary.
Biden will nuke the entire economy and maybe the entire country as long as it gets him a shot at getting through the primaries that he’s unlikely to ever see.
The Obama administration was a house of radical horrors, but Biden doesn’t believe in any of this stuff. It’s pure selfishness, corruption and greed.
By the way, don’t imagine that this will be the last such payoff to his base. Expect more cancellations if the corrupt hack manages to get closer to an actual election.