Giving away money we don’t have in the first place is what triggered inflation.
Now President Biden is throwing gasoline on the inflation fire by sticking the taxpaying public with a now projected $500 billion tab forgiving student loan debt.
What’s next, housing loans?
I would be madder than an old wet hen if I was a student loan person who paid off my loan.
A loan, by the way, that the person signed for without a gun to their head. A loan, which by definition is a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
Every loan I’ve taken out has been my responsibility to repay. It hasn’t been the government’s responsibility.
The president’s order also cancels $20,000 for Pell grant recipients, which would push the price tag even higher, according to the Penn Wharton Budget model. The national debt was nearly $31 trillion as of Wednesday evening.
The country’s population is 329.5 million so you can do the math as to how much each of us is in debt.
Yet Biden feels compelled to add to the problem.
And here’s a question:
What is he going to do going forward?
Are we going to just start paying for everyone?
Think about all those folks who paid off their student loans. Now they are going to have to pay for everyone else as well.
Wonder if he would consider paying us back for the two college educations we paid for?
And, will there be any incentive for people who have debt remaining after the $10,000 gift to make additional payments?
Meanwhile, Joe had better crank up the printing press because he’s going to need more and more cash.
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