Inflation is soaring, prices of everyday items are skyrocketing, and Democrats just keep spending your money. This time they’re wasting our tax dollars bailing out people who couldn’t or wouldn’t pay off their own debts.
Biden clearly doesn’t know what’s going on here.
The Post Millennial Reports, President Joe Biden refused to answer if forgiving $10,000 in student debt per borrower is fair for Americans who saved, worked through while getting their education, or paid off their loans after school.
Instead, Biden pivoted and questioned whether it was fair that multi-billion-dollar companies received breaks when Republicans were in power.
Another reporter then asked Biden, “What about people who paid their loans though, struggled to pay their loans and now others don’t have to?”
Biden refused to answer and walked out of the room.
Student debt forgiveness has been a demand of progressive Democrats for years. The Biden administration had been considering the move for months before deciding that $10,000 per borrower was the appropriate amount. Many progressives celebrated the decision as a step toward full loan forgiveness.
Biden also extended the pause on federal student loan repayment until January 2023 and capped repayment at 5 percent of monthly income for undergraduate loans.
During the press conference with Education Secretary Miguel Cardona, Biden insisted that inflation would not be impacted while announcing that he was canceling $10,000 in debt for individuals making less than $125,000 annually and joint filers making less than $250,000 and those who received Pell Grants will be eligible for $20,000 in relief under the same stipulations.
However, canceling $10,000 per borrower would cost $298 billion in 2022 and a total of $329 billion by 2031 if the policy continued to be renewed every year, according to an analysis from the University of Pennsylvania’s Wharton School.
This comes when inflation is at an all time high and GDP is shrinking
According to Fox News, The U.S. economy shrank at slightly slower pace in the second quarter than previously reported, but continued to meet the criteria for a so-called technical recession as raging inflation and higher interest rates weighed on spending.
The nation’s GDP already contracted by 1.6% in the period from January to March, the worst performance since the spring of 2020, when the economy was deep in the throes of the COVID-induced recession.
With back-to-back declines in growth, the economy meets the technical criteria for a recession, which requires a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.”
If we are in a recession why are the Democrats and Joe Biden spending money with reckless abandon? Maybe they’re buying votes before the midterm election or maybe they’re just plain stupid. Either way, Americans are suffering from these liberal policies and we need to end them now