President Biden unveiled plans to give a massive student loan debt handout using taxpayer money even as the endowments of large universities are worth tens of billions of dollars.
Penn Wharton Budget Model faculty director Kent Smetters says Biden’s student loan handouts, worth more than $300 billion in taxpayer money, will be spaced out over several years.
Critics of the announcement argued Wednesday that it would force the middle-class to foot the bill for a handout largely benefiting wealthy graduates. "A bunch of hardworking people are going to pay for something to give away money to some of the most privileged people in America, at the expense of increased inflation and a deeper recession when the government gets around to taking inflation seriously," Ted Frank, the director of litigation at the free-market public-interest law firm Hamilton Lincoln Law Institute, tweeted.Charles C.W.
"The problems in the system aren’t addressed," he wrote Wednesday. "The colleges, and their endowments, are left unmolested. American culture’s increasingly credentialist presumptions aren’t altered."
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jill Biden has ‘rebound’ COVID-19, president is negativeFirst lady Jill Biden has tested positive for COVID-19 again in an apparent “rebound” case, after she initially tested negative for the virus over the weekend.
Read more »
First Lady Jill Biden has 'rebound' COVID-19 case, president negativeFirst lady Jill Biden has tested positive for COVID-19 again in an apparent 'rebound' case, after she initially tested negative for the virus over the weekend.
Read more »
President Biden expected to announce forgiving student loans, extending pause on paymentsPresident Joe Biden is set to announce his long-delayed move to forgive up to $10,000 in federal student loans for many Americans and extend a pause on payments to January, according to three people familiar with the plan.
Read more »
President Biden poised to announce some form of student loan forgiveness: SourcesJoe Biden is poised to decide whether to cancel student loan debt for a subset of Americans and continue to keep a COVID-era pause on the repayments
Read more »
President Biden announces long-awaited student debt forgiveness plan - Alabama NewsBiden announced in a Wednesday tweet that borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness.
Read more »
President Biden announces student loan forgivenessPres. Biden announces plan to cancel up to $10,000 in student loan debt for Americans making less than $125,000, and up to $20,000 for Pell Grant recipients.
Read more »