Biden’s Terrible Student Loan Gamble
23rd February 2024
President Biden traveled to the West Coast this week to raise money for his campaign. While there, he decided to spend some money, too. Yours.
On February 21, Biden announced that he was canceling $1.2 billion in federal student loans for 153,000 borrowers. That’s on top of more than $130 billion in student debt that he has canceled to date. The Penn Wharton school says that Biden’s efforts will cost a total of $475 billion over 10 years.
How awful is this policy? Ah, let us count the ways.
UPDATE: President Biden’s Transfer of Other People’s Debts To You