(RepublicanWire.org) – A plan was announced by the Biden Administration that would forgive $10,000 in student loan debt per borrower. That would end up costing around 230 billion dollars total in student loan forgiveness. Putting the country into even deeper debt.
The White House’s latest plans called for limiting debt forgiveness to Americans who earned less than $150,000 in the previous year, or less than $300,000 for married couples filing jointly.
The plan is already starting to backfire on President Biden. Critics are stating that 230 billion dollars isn’t nearly enough.
AOC tweeted her reaction to Biden’s proposal, “$10,000 means tested forgiveness is just enough to anger the people against it and the people who need forgiveness the most… We can do better.”
If Biden ends up taking Alexandria Ocasio Cortez’s advice the economy would be much worse. Biden is attempting to buy the votes of the American people.
Of course, none of this debt will actually be cancelled, it will just be transferred to taxpayers. This is nothing more than a bailout for people who took on debt voluntarily.