The idea that Biden has proposed to cancel student loans is going to cost the American taxpayers billions of dollars and would put the country even more in debt.
In addition to this, it will lead to an increase in the money supply at a time when historic levels of inflation are currently being experienced.
In spite of assertions made by Democrats that the measure is geared at people with low incomes, a new analysis demonstrates that high income earners, such as those residing in the White House, are eligible for the program.
Hold off judgment till you find out who they are.
Biden has devised a novel plan to shaft Americans from the middle class while assisting his network of wealthy associates.
Individuals with an annual income of less than $125,000 are eligible for the loan cancellation plan, and those who attended college with the assistance of Pell Grants may be eligible for a $20,000 cancellation of their loans.
Biden has also chosen to prolong the moratorium on the repayment of federal student loans until January 2023. In addition, he would allow borrowers who have loans for undergraduate study to cap their monthly payments at 5% of their income.
The workers in Washington, D.C., on the other hand, are in for a significant windfall thanks to the policy of the commander in chief, as reported by Philip Wegmann, a reporter for RealClearPolitics.
According to financial disclosures obtained by Bloomberg earlier this year, at least 30 senior White House officials have outstanding student loan debt. This accounts for one in five staff members who are required to disclose the paperwork.
White House Press Secretary Karine Jean-Pierre and National Economic Council Deputy Director Bharat Ramamurti are just two of the officials who collectively owe as much as $4.7 million; one legislative aide alone owes between $500,000 and $1 million. The total amount that these officials collectively owe could reach as high as $4.7 million.
However, both Jean-Pierre and Ramamurti have annual incomes that are greater than the debt-free level of $125,000, which was established under the program.
Recently, Karine Jean Pierre and Peter Doocy from Fox News sparred over the idea and whether or not it would genuinely help improve the economy. Karine Jean Pierre is a contributor to Fox News.