How Much Will Biden’s Debt Cancelling Cost?
The economic fallout of Biden’s ongoing spending spree will and has already had major consequences. We must pray.
From Fox Business. President Biden is under fire for not making public a cost analysis … of the administration’s massively expensive proposal to cancel between $10,000 to $20,000 in student debt for many Americans. Economists say the lack of an estimation of costs and absence of any public analysis begs the question of whether the numbers were run at all for a plan estimated by fiscal watchdogs to cost anywhere between $500 billion to $1 trillion over the next decade.
Economists from across the political spectrum told Fox News Digital it was troubling the White House had announced a policy without providing a breakdown of its cost.
“For the White House to put out a potentially trillion-dollar proposal without even releasing budget estimates, is grossly irresponsible to taxpayers,” said Brian Riedl, a senior fellow in economics at the center-right Manhattan Institute. “This is one of the biggest federal initiatives of the past couple of decades, and we still don’t know what it’s going to cost.”
Ben Ritz, a budget and fiscal policy expert at the center-left Progressive Policy Institute, was even blunter in his assessment.
“It doesn’t reflect well on the administration,” said Ritz. “Even if they did one and didn’t release it looks bad, but regardless, the result is that no one really knows how much this is going to cost….”
In the wake of the White House’s silence, groups like [the Committee for a Responsible Federal Budget (CRFB)] and other fiscal watchdogs have stepped forward with their own cost analysis.
CRFB estimates the handout could cost U.S. taxpayers roughly $500 billion or more over the next decade. A budget model by the University of Pennsylvania’s Wharton School of Business, meanwhile, estimates the total cost could be more than $1 trillion when accounting for loan forbearance and the new repayment cap.
Such estimates, economists warn, are not fully accurate without knowing all the details of the policy. They say the White House has not only explained how the handout will work or how the income thresholds will be calculated….
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(Excerpt from Fox Business. Photo Credit: Getty Images)
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