Report: Biden's student loan scheme already will cost taxpayers $600 BILLION

 April 13, 2024

This story was originally published by the WND News Center.

Joe Biden, ever since the Supreme Court vetoed his campaign to transfer hundreds of billions of dollars in student loan debt from borrowers to taxpayers in one shot, has been doing it piecemeal.

A few billion here and a few billion there.

But that pretty soon starts to add up, and a new analysis of his agenda in the Daily Mail reveals his manipulations already will be costing taxpayers $600 billion – and Biden says he's a long way from done.

The debt transfer moves being taken by Biden have been described by Republicans and other Biden critics as nothing less than a scheme to buy votes ahead of the 2024 election, in which he trails President Donald Trump.

But the damage from the debt transfers isn't going to be small, and it isn't going to be resolved any time soon, the analysis charges.

Biden has announced the move of $153 billion from those students who borrowed the money to taxpayers who didn't.

But the "real figure" is much higher.

"Factoring in the debt that will be canceled moving forward, and the interest canceled while repayments were paused during the pandemic, the total amount being forgiven is closer to $600 billion," the analysis said.

The effects, the analysis said, could include inflation, as the costs will be spread out to everyone through higher prices.

"Over time, the move would force the U.S. to issue more bonds, and more people will buy bonds instead of investing in the private sector," the report said.

Marc Goldwein, of the Committee for a Responsible Federal Budget, explained, "Americans will feel the cost upfront through slightly higher prices, and over time with slightly lower future incomes."

Americans will end up hurt in some ways.

"You're going to see an increase in the federal deficit and greater federal debts over time," noted Tristan Stein, of the Bipartisan Policy Center. "At the end of the day, it is current and future generations of taxpayers who are going to have to pay."

The Mail report said it was there to explain "who is footing Biden's $150 BILLION bid to 'buy votes.'"

Goldwein said Biden's plan is simple, "We're increasing federal borrowing to essentially reduce personal borrowing for student debt."

House Speaker Mike Johnson said, following Biden's latest debt transfer announcement involving $7.4 billion on Friday, "Biden’s policies are completely backward and illegal."

"Biden’s student loan socialism is a scam," added Sen. Joni Ernst, R-Iowa. "He’s not 'canceling' — he’s saddling hardworking Americans w/ a massive bill."

Already, 18 states have sued Biden over his debt transfer announcements.

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