On trillion dollars, gone away in two weeks – on several occasions. This is how out of control the Biden Administration’s spending habits are.
The Daily Caller reported, Conservative critics of former President Donald Trump blasted President Joe Biden’s executive order forgiving billions of dollars in student loans, arguing the plan is regressive and will make inflation worse.
Biden has announced that $10,000 of debt will be wiped away from people who make less than $125,000 and up to $20,000 will be forgiven to pell grant recipients.
The cost will average around $6,000 per taxpayer. Penn Wharton’s school of business at the University of Pennsylvania found that this life would bear a consequence of $300 billion on American taxpayers over the next 10 years.
Even house speaker Nancy Pelosi, did not until recently believe that Biden had the power to take such action.
“People think that the President of the United States has the power for debt forgiveness. He does not,” she explained.
She continued, “He can postpone. He can delay. But he does not have that power. That has to be an act of Congress. And I don’t even like to call it forgiveness because that implies a transgression. It’s not to be forgiven, just freeing people from those obligations.”
Many legal experts have criticized Biden, claiming the same as Pelosi, that Joe Biden does not actually have the authority to forgive the debt.
Even Republican Adam Kinzinger who became synonymous with the January 6th Select Committee believes that debt forgiveness will cause tuition to rise.
The move is nothing more than a cheap gimmick to gain voters and favor in the polls. This is exactly what Mitt Romney had to say.
“Sad to see what’s being done to bribe the voters. Biden’s student loan forgiveness plan may win Democrats some votes, but it fuels inflation, foot’s taxpayers with other people’s financial obligations, is unfair to those who paid their own way & creates irresponsible expectations,” he wrote on Twitter.
The President has also been carelessly spending taxpayer dollars on things like climate change and the IRS while pretending to reduce inflation.
The Inflation Reduction Act dedicated $400 billion to climate change proposals which is 3.33 times more than the U.S. spent during the Vietnam war.
The bill also gives $80 billion to the IRS so that the organization can ensure Americans are paying their taxes yet fails to go actually reduce inflation.
The congressional budget office projects that the impact on inflation will be “negligible” while Penn Wharton says that the impact will be “statistically “indistinguishable from zero”.