Last week moochers, Harvard grads, and well-off elites…(ahem, I mean helpless graduates) got a hefty gift from the Biden administration in the form of student loan forgiveness. The cost? A cool $1 trillion over the next decade.
While liberals boast about their “win,” I want to remind them that Biden’s student loan bailout will only worsen our record-breaking inflation and raise college tuition.
Take it from one of Obama’s chief economic advisors. Jason Furman, who chaired Obama’s Council of Economic Advisers, made a good point when he said, “pouring roughly half [a] trillion dollars of gasoline on the inflationary fire that is already burning is reckless.”
Speaking of fueling the fire, canceling student debt encourages big universities to keep increasing tuition because they know the government will bail out students. Not to mention, if the liberals had their way and all loan debt was canceled, debt would return to today’s levels in just 15 years.
Economics aside, this bailout is simply unfair. It is unfair to force non-college goers and people who already paid off their debt to foot the bill for other people’s pricey education choices—many of whom don’t need the help.
A boneheaded decision like this is a blatant buy for votes, and the Democrats are willing to rob the working and middle class to do it.
