It’s finally out in the open that taxpayers will be footing the bill for the senseless student loan bailout. Joe Biden has been clinging to his massive half-trillion dollar boondoggle as a way to score approval points among disappointed Democrats. It’s only money, we can print more.
Taxpayers shafted again
Don’t worry for an instant about the $500 billion price tag attached to Joe Biden’s student loan bailout, the Imperial Palace assures nervous taxpayers.
It’s actually free. Well, maybe not free but already paid for. Well, maybe not paid for yet but you’ll never notice when you pay for it later because it’s built in to our national credit card interest payment.
Embracing the success of “Clintonomics” Joe Biden can claim he already “saved” American taxpayers money by not spending as much as they might have. Even though the pile is still a lot more money than has ever been spent before.
I paid off my college debt…now I have to pay off someone's debt? 😒 pic.twitter.com/vGJJyd82Zj
— 💫Emmy💫 (@brixwe) August 31, 2022
He’s using only a small part of that savings on bailing out student loan debt so the way democrats see it, the whole program is free. Propaganda Minister Karine Jean-Pierre explained how the scheme is supposed to work.
Dark Brandon’s scheme to “cancel between $10,000 and $20,000 in student debt for millions of Americans is fully paid for because of a drop in the federal deficit,” she grins.
Economists shudder in horror because they know that “suggests the full cost of the policy will just be piled on top of the national debt.” They’re right and taxpayers will feel the pain.
Handout is ‘fully paid for’
When Fox reached out to the Palace asking how much taxpayers will need to fork out in extra taxes to fund the bailout, they were told the whole thing “is ‘fully paid for‘ through deficit reduction that is already occurring.” Nobody simply walks across our southern border, either. That’s just nonsense, she insists.
Specifically, according to Bharat Ramamurti, deputy director of the National Economic Council, “it is paid for and far more by the amount of deficit reduction that we’re already on track for this year.” Just like the economists predicted, it’s in the national debt.
“We’re on track for $1.7 trillion in deficit reduction this year. That means, practically speaking, compared to the previous year, 1.7 trillion more dollars are coming into the Treasury than are going out.” That’s the Clintonomics part.
It goes like this. We spent $100 million on program x last year and expected to spend $200 million on it next year. We fought tooth and nail to trim that to 175 million so we’re saving taxpayers 25 million. As Ramamurti confirms, “we’re using a portion of that — a very small portion of it — to provide relief to middle-class families.” They won’t pay a student loan bill but they’ll pay even more through increased inflation. That doesn’t sound like much “relief.”
The experts are warning taxpayers that this is exactly why the IRS is hiring all the bloodthirsty killers they can recruit. Economists say Biden’s “comments and unwillingness to outline offsets for the student debt handout, like tax increases or budget cuts, signals it plans to just pile the money onto the $726 billion federal deficit.”
As noted by Marc Goldwein, senior policy director at the nonpartisan Committee for a Responsible Federal Budget, “They’re just looking for any story they can tell that lets them get away from the fact that they’re making the nation’s finances worse. This is going to worsen the deficit. There is no way to dance around it.“