So this is great:
Yup, good ol' Grandpa Joe just decided to up and spend more than $400 billion — some estimates say $600 billion — with the stroke of a pen.
Aren't executive orders fun?
President Biden's plan to erase significant amounts of student loan debt for tens of millions of Americans could cost about $400 billion, the nonpartisan Congressional Budget Office said in a report Monday, making it one of the costliest programs in the president's agenda.
The C.B.O. said the price tag might rise even higher because of Mr. Biden's decision to extend a pause on federal student loan repayments through the end of the year, which could end up costing some $20 billion.
"One of the costliest programs in the president's agenda."
And that's sayin' something!
Other estimates are likely more realistic:
The Committee for a Responsible Federal Budget calculates the cost at somewhere between $440 billion and $600 billion over a decade. The University of Pennsylvania's Penn Wharton Budget Model estimates just over $600 billion over 10 years. The White House has not yet released its own estimate, but officials say it should be available in the coming weeks.
Administration officials have tried to portray the potential costs as much lower than outside groups' estimates, asserting that debt cancellation is "paid for" by higher-than-expected tax revenues this year — an explanation that defies traditional budget accounting conventions.
I love that line, so I'm gonna write it again, just for fun.
"An explanation that defies traditional budget accounting conventions."
These people are going to keep changing definitions, altering statistics, and ultimately just straight up lying to the American people until they're red in the face.
And most of us will just sit here and take it.
I, for one, cannot wait for the inflation of this loan forgiveness program to set in. It's gonna be a blast!
I'd just like to say, if you're going to bail out some people because they went to college and haven't paid off their loans yet, why don't you just give us all a handout?
Now that would be fair!
For now, we've got about half-a-trillion dollars heading to the printer in the name of overpriced education.
Thanks a lot, Joe Biden!
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