Man, I bet the progressives are gonna love this:
Yup, you read that right, folks. Not only does Biden's most recent student debt forgiveness plan cost a whopping $559 BILLION, but it's set to benefit those households earning over $300,000 the most. This according to a study by the University of Pennsylvania.
The new plan includes several provisions that, along with the existing Saving on a Valuable Education (SAVE) Plan, would cost an additional $84 billion over 10 years. The SAVE Plan, an income-driven repayment scheme introduced last summer, is projected to cost $475 billion over a decade.
The study indicates that the new plan will offer significant debt relief to about 750,000 households with an average income of $312,000. This is because the SAVE Plan already provides debt relief to lower-income households.
Households earning over $312,000, with over 20 years in repayment, are expected to receive an average of $25,541.39 in debt relief under the new plan, significantly higher than the $4,899.26 average.
Biden's proposal would cancel student loan debt for borrowers with undergraduate debt who entered repayment 20 years ago, and for those with graduate debt who entered repayment 25 or more years ago, without income limits.
"Significant debt relief to about 750,000 households with an average income of $312,000."
Just great stuff here from the progressive Biden Administration!
Don't get me wrong, I'm not mad because Biden is also bailing out high-income earners. That's for Democrats to be mad about. I'm mad because he's bailing people out of their student loans in general — and essentially buying votes in an election year in the process.
I just figured I'd let you in on the secret — since Democrats are supposed to be anti-rich people — that Democrats are out here bailing out rich people with this new student debt forgiveness plan.
If you're a Democrat, this should make you angry.
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