Biden’s student loan forgiveness plan is going to cost the American taxpayers billions and plunge us further into debt. Not only that but it’s going to increase the money supply at a time when we are at historic levels of inflation. Despite Democrats’ claims that the bill is targeted towards low income individuals, a new report shows that high income earners, namely those in the White House are eligible. Wait until you hear who they are.
Biden has found a new way to screw middle class Americans and help his wealthy friends
According to The Daily Wire, A recent Biden administration plan to cancel $10,000 in student debt per borrower is slated to substantially benefit some employees of the White House.
The loan cancellation plan applies to individuals earning less than $125,000 per year, while those who paid for college using Pell Grants are eligible for a $20,000 cancellation. Biden also decided to extend the pause on federal student loan repayment to January 2023 and will permit borrowers with undergraduate loans to cap payments at 5% of monthly income.
However, as noted by RealClearPolitics reporter Philip Wegmann, staffers in Washington, D.C., are set for a major windfall from the commander-in-chief’s policy. At least 30 senior White House officials have outstanding student loan balances, according to financial disclosures obtained by Bloomberg earlier this year, representing one in five staffers required to file the documents.
Among the officials who collectively owe as much as $4.7 million are White House Press Secretary Karine Jean-Pierre and National Economic Council Deputy Director Bharat Ramamurti, while one legislative aide alone owes between $500,000 and $1 million. Both Jean-Pierre and Ramamurti, however, earn more than the $125,000 threshold established by the debt elimination policy. Recently Karine Jean Pierre and Fox News’ Peter Doocy spared over the plan and whether or not it would actually help improve the economy.
Meanwhile, a report from AdvisorSmith found that residents of Washington, D.C., carry an average student loan balance of $55,077 — the highest of any other part of the country. With average balances of $43,219 and $39,472, residents of nearby Maryland and Virginia place second and fourth in the nation for student debt.
Another recent analysis from Daily Caller News Foundation investigative reporter Gabe Kaminsky showed that 13 Democratic members of Congress who have espoused some version of federal student debt cancellation policy hold up to $1.5 million in loans.
Rep. Alexandria Ocasio-Cortez (D-NY), for instance, owes up to $50,000 and said at the end of last year that she owes $17,000. “I’m 32 years old now,” the lawmaker remarked. “I have over $17,000 in student loan debt, and I didn’t go to graduate school because I knew that getting another degree would drown me in debt that I would never be able to surpass. This is unacceptable.
Biden’s plan may have backfired. He has Republicans and Democrats mad alike and still doesn’t know how he’s going to pay for it.