From drastically underestimating the cost to blaming Republicans for hypocrisy, the White House is flailing.
Joe Biden is being awfully “generous” with your money. His student loan “forgiveness” scheme is the biggest news of the week (maybe the summer), and we’ve covered it here and here. Today we want to focus on two things: Cost and hypocrisy.
Before full details were known, the Penn Wharton Budget Model estimated the cost of Biden’s plan to be “between $300 billion and $980 billion over the 10-year budget window.” Then Biden increased the giveaway to $20,000 for many recipients, which will of course increase the cost.
For the most part, White House officials have gone out of their way to avoid answering the question of cost. “Well, that that remains to be determined, and it will be a function of what percentage of eligible borrowers actually take up this opportunity,” said domestic policy adviser Susan Rice. “If 43 million borrowers take it up, that’ll be different than if 50% of those 43 million take it up.” (Continue reading…)
