Team Biden: Deficit reduction to pay for loan cancellation
Team Biden is claiming that the debt cancellation, cancelling from $10,000 to $20,000 in student debt, will be paid for via deficit reduction. According to the director of the National Economic Council, the deficit reduction that we’re already experiencing is paying for the loan cancellation. He even hinted that more than the loan cancellation is being paid for.
From Fox News:
“We’re on track for $1.7 trillion in deficit reduction this year. That means, practically speaking, compared to the previous year, 1.7 trillion more dollars are coming into the Treasury than are going out. And we’re using a portion of that — a very small portion of it — to provide relief to middle-class families, consistent with the president’s plan.”
Economists say the White House’s comments and unwillingness to outline offsets for the student debt handout, like tax increases or budget cuts, signals it plans to just pile the money onto the $726 billion federal deficit.
“They’re just looking for any story they can tell that lets them get away from the fact that they’re making the nation’s finances worse,” said Marc Goldwein, senior policy director at the nonpartisan Committee for a Responsible Federal Budget. “This is going to worsen the deficit. There is no way to dance around it.”
Under Biden, the deficit has shrunk mainly because Congress has opted not to appropriate trillions in temporary coronavirus spending as it did at the start of the pandemic in 2020. Economists say the White House is arguing that the shrinking deficit gives the administration more money to spend on programs, like the student loan handout. But this means it won’t go to debt reduction instead, forcing future taxpayers to pick up the tab.
“The analogy is a family going into debt for a $100,000 medical emergency, and the next year buying a $50,000 sports car and claiming that it’s ‘free’ because they are no longer spending $100,000 per year on the medical emergency,” said Brian Riedl, a senior fellow in economics at the center-right Manhattan Institute.
Biden last week announced plans to forgive $10,000 in student debt for borrowers making less than $125,000 annually. Pell Grant recipients will receive $20,000 in debt handouts, provided their income is below the $125,000 threshold. Administration officials claim that no individual or household in the top 5% of earners will benefit from the decision.
Fox News has a lot more on this topic.
Category: "Teh Stoopid", "The Floggings Will Continue Until Morale Improves", 2022 Elections, Biden, Democrats, Society
How about every Valid DD214 with Honorable Discharge gets the Mortgage waved and those who don’t own a home will be allowed to find one in their area. Any other details can be worked out, it’s the least America can do for the Vets, and screw the FSA.
LGB
Roger that 100%%%%%%%%%%%%
How much will this cost per taxpayer?
Who cares about the taxpayer! I want my free shit!
.
Why, yes!
Nothing. When the country runs out of money it will get bought out by the Chinese who will have the environmental studies majors pulling plows and the transgender studies majors working as towel boys in a work camp.
The retired rich libs will be living at Martha’s Vineyard until their usefulness runs out and then the red Army will march them into the sea.
Here ya go (Democrats just hope for privileged status in China’s new colony):
The retired rich libs will be on state media, Tik Tok, telling the peasants to just do what they’re told, get on the trains and settle in for a nice ride.
Then, they’ll dig up 6ft X 2ft X 4ft holes in their yards and be ordered to line up, then kneel at the foot of the hole in front of them.
I’m a taxpayer. As long as I am getting more than I am paying, I’m for it. Why shouldn’t I get on the gravy train?
No college education here but I now have college debt because somebody with tats, body piercings and gauges in their ears can’t find a job in their field of study.
Perhaps their body “art” may also play a role.
Now, get some gloves and a hair net on and make my lunch is what they are destined to hear.
Screw these participation trophy winners and FJB too
Well, when you choose Lesbian Interpretive Dance as your major, you’re not going to get a fucking job anywhere, anyway. So, you’ve wasted YOUR time, and now OUR money. Well done, pus pockets!
Let’s look at the tale of Joe and Andy:
Joe went to college.
Joe got a degree in Gender Studies.
Joe is $110,000 in debt.
Joe can’t find a job studying Genders..
Joe thinks anyone without a college degree is stupid.
Andy just finished a four-year Internship.
Andy has NO Student Loan Debt.
Andy has an $80-100,000 a year job.
Andy is scheduled to turn Joe’s electricity off due to nonpayment of the bill.
I think I will reread this story at bedtime so I will have pleasant dreams.
1 electrical disconnect..
2 electrical disconnects..
3 electrical disconnects…
…
We’ve been down this primrose path before. With the DildoCrats, it’s always, “gibs wit’ da gibs first, we promise to pass the bill to pay it back later”. ANd “later” never comes.
So, how about this time, the RINOs grow a spine and a pair, and make the DildoCrats pass a law reducing the FedGov deficit FIRST, THEN we’ll talk about student loan reduction a (distant second-third) later. Much later. Maybe “never” later.
“Deficit” is one of those old fashion words like “recession”.
Spot on, Tox. Those of that have been around for more than a few election cycles have heard this song and dance before. More of that fuzzy math where they’re gonna add to the dficit and take away more from the working taxpayer.
This is NOT debt cancellation, this IS debt transfer.
Off-topic, but in time for Democrat election pandemic hysteria: First Buttmonkeypox death has happened in Houston!
https://adnamerica.com/en/texas/texas-health-officials-announce-first-possible-us-monkeypox-death?utm_source=referral&utm_medium=offthepress&utm_campaign=home
Will you Nuclear Ultra Dark MAGAs stop talking about Robert Francis O’Rourke’s pridepox!
He’s totally straight, just stop!!!
Leftist educator in El Paso demands little kids “don’t judge” pedophiles now… “don’t judge people just because they want to have sex with a 5-year-old” (that’s “tolerant” now):
1.Rope
2. Tree or Gallows.
3. Pedophile(s).
Some assembly required.
Yes, THAT got me a 30-day Farcebook jail sentence for “promoting violence”.
So, has been at the zoo, or spending time at Brucie’s?
The Blue Oyster
I have nothing to add to Doctor Paul’s comments other than FJB.
https://rumble.com/v1i0d91-bidens-student-debt-forgiveness-scheme-is-unforgivable.html
“That means, practically speaking, compared to the previous year, 1.7 trillion more dollars are coming into the Treasury than are going out.”
That means the printing presses at the Mint are running overtime.
And just watch colleges spike their tuition rates to compensate for this handout. How about how they skyrocketed after the Federal Government took over Student loans?
The Commissariat approves of this… we call it LarsMath!
Let’s call this what it is – smodat relief.
Whenever they get a small taste, they will shout “I want s’mo dat!”
“…the shrinking deficit gives the administration more money to spend on programs, like the student loan handout”
Idiots.
There is still a deficit, even if it is *allegedly* smaller. I don’t know which is scarier–if they are just lying or if they actually believe what they are saying.
If numbers are involved in one of the statements of Gropey Joe, we can be certain he and/or his crew are just pulling them out of their asses. The latest example is his statement in PA about those AR-15’s he wants to ban. According to Brandon and his band of morons, the AR-15 bullet fires five times more “rapidly” than bullets from any other firearm. Also Joe says an AR-15 bullet striking a human body will “valporize” it.
Valporize it?
Save on burial costs.