Joe Biden wiped out more student loan debt on Friday bringing the total amount he has canceled to $153 billion for 4.3 million borrowers.
Republicans blasted Biden’s ongoing effort to forgive student loan debt as a ‘scam’ to buy votes ahead of the presidential election.
They argue it is unfair to taxpayers who didn’t go to college or paid back loans.
But the move to slash student debt could also have much broader implications for the economy.
According to Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget, no one is immediately going to see their taxes go up due to the president’s largesse.
However, it will impact the public in multiple ways because it is effectively shifting the debt of individuals on to the nation.
‘We’re increasing federal borrowing to essentially reduce personal borrowing for student debt,’ Goldwein told DailyMail.com.
He said while the Biden administration has announced cutting $153 billion in student debt, the real figure is much higher.
Factoring in the debt that will be canceled moving forward, and the interest canceled while repayments were paused during the pandemic, the total amount being forgiven is closer to $600 billion.
Read the full story in the Daily Mail.
