Who Picks up the Tab? Why YOU do

New York City NY

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Joe Biden told House Democrats that he is seriously considering forgiving student loan debt - a move that would stick the debt on the American taxpayers [many who did not go to college or already paid off their own debt]. The details: Biden met with the Congressional Hispanic Caucus on Monday and signaled to them that he is on board with student loan forgiveness - even suggesting he is looking to forgive much more than the $10,000 per student he committed to on the 2020 campaign trail. 43 million Americans hold student loan debt Total student loan debt is $1.6 trillion dollars The cost of debt forgiveness: There are several forgiveness models being considered. Bernie Sanders is pushing for total cancellation. Elizabeth Warren wants $50k per person. Biden campaigned on $10k per person. Here's what each would cost the American taxpayer: 💰 Full loan forgiveness: $1.6 trillion dollars 💰 $50k per person: $1 trillion dollars 💰 $10k per person: $373 billion Who benefits most? Generally, the people who benefit most will be higher-income, higher-educated, white liberals. Only between 4% and 7% of this will benefit Americans in poverty. Beneficiaries of forgiveness earn between $76,400 and $86,500 annual income. Who picks up the tab for the up to $1.6 trillion Biden plans to forgive? You do. According to the Wall Street Journal: "forgiveness wouldn’t make that debt disappear. It would merely transfer it to the federal debt." Our current federal debt is already over $30 trillion dollars. This is a bribe. The Democrats know that their voters are disimpassioned by the chaos and instability Biden has caused so far. So they're trying to buy them off right before the midterm elections. Americans without a college education earn $1 million less over their lifetime than college graduates. Why should they have to pay the college grad's debts?