I am doing a report on Biden’s student loan forgiveness plan. In addition to costing tax payers well-over $500 billion, and driving up inflation, embedded in the act is a new repayment scheme where people earning less than $65,000 per year would not have to make monthly payments on their unforgiven balance.
From what I am reading, it would seem that about 90% of the $1.5 Trillion in outstanding student loans would either be classified as forgiven or as no payment needed. In addition to being unsustainable, the plan would drive up the federal deficit, increase inflation, and drive up the cost of tuition.
Of course, what do I know? I am part of the 49% of the population who was vilified in a White House speech this week. #economics #loanforgiveness #studentloans #InflationReductionAct
