Someone get the checkbook out of Joe Biden’s hands.
Since Joe has been back from vacation, he has spent about $1.2 trillion in taxpayer money.
The new price tag comes as the estimates of Joe Biden’s $20,000 giveaway are added to the student loan tab for those who had Pell Grants.
When the student loan debt transfer was first announced, it was believed that Biden would “only” be giving away $10,000 per loan.
That has changed considerably with the Pell Grant caveat.
The Center for Responsible Federal Budget looked at the new plan and released updates figured from the Wharton estimate we were working off before.
The new “central estimate” is now at $500 billion.
The CRFB stated, “The changes announced today will likely cost more than double the amount saved through the recently passed Inflation Reduction Act, completely eliminating any disinflationary benefit from the bill.
“It is extremely troubling to see the Administration reverse the legislative progress made on deficit reduction.
“It is long past time that student debt repayments resume, and now it is even more important for policymakers to enact changes that reduce deficits through spending reductions and revenue increases in order to put the national debt on a downward sustainable path.”
This will not only not stop future borrowing, but it may increase borrowing, leading to yet another giveaway at some point in the future.
While all this is happening, these “non-profit” schools are sitting on billions in endowments that could be used for grants to lower the overall costs of education.
Or, how about an even better idea… schools stop charging $100,000/year for education.