US Taxpayers Forced to Pay an Additional $559B in Student Loan Forgiveness

Guest Post by Martin Armstrong

Short of joining Hamas, there is nothing Joe Biden will not do to secure the Gen Z vote. The latest plan will “forgive” $7.4 billion worth of student loans, which brings the total of loan cancelations under Biden to $153 billion. This new wave will benefit 277,000 borrowers/voters and cost the American public $559,000,000,000.

The original student loan forgiveness plan backfired, plain and simple. Payments were frozen in March 2020 under the CARES Act when countless people were out of work, and the program made sense. Millions of people simply stopped paying their loans as they believed Biden’s campaign promise to make all student loans vanish into thin air. By July 2023, over 7.5 million borrowers had defaulted on their student loan payments. Millions more were set to default in September 2023, when the COVID provisions were set to end. The Department of Education then decided to create an “on-ramp” period until September 2024 so that anyone who missed a payment would not face consequences.

Biden has “forgiven” billions in student loan debt since then, adding to the overall deficit and taxpayer burden. Amid low polls and pushback from academics and universities, Biden has decided to introduce a new wave of loan forgiveness. He has implemented the SAVE plan which has quickly shot up in costs from $475 billion to $559 billion. The SAVE income-driven repayment plan bases payments on a percentage of discretionary income, but low-income borrowers may be completely off the hook from paying back the debt they agreed to take on.

“As long as there are people with overwhelming student loan debt competing with basic needs such as food and healthcare, we will remain relentless in our pursuit to bring relief to millions across the country,” Biden stated. What about the American public that has seen the value of their dollar decline drastically since Biden took office? Joe Biden is blatantly BUYING VOTES and ignoring the economic implications as our national debt is perhaps the largest threat to our national security.

Halting repayments after the government agrees to shut down the global economy is one thing. Saddling the average American with additional tax obligations is extortion and economic tyranny. No one will forgive your mortgage loan, for example, a cost you agreed to take on. Biden continues to hunt down the American public for taxes to pay for his ridiculous spending plans that only benefit him and a select group of voters. The expected cost of student loan redistribution to the taxpayers continues multiplying as Biden’s poll numbers drop.

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