Biden’s Student Loan Cancellations to Cost Taxpayers $559B, Benefit Wealthy Households Most, Study Finds

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President Biden’s latest student loan cancellation plans will increase the total cost to taxpayers to a whopping $559 billion and benefit households earning more than $300,000 in annual income the most, according to a new study.

House Budget Committee Chairman Jodey Arrington (R-Texas) slammed Biden’s student loan cancellation plan in the wake of Penn Wharton’s findings, arguing that the policy is unconstitutional and part of the president’s “quest to buy votes.”

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“In reality, his plan will shift the responsibility of paying for loans owed by high-income earners who freely incurred them onto the backs of all taxpayers, many of whom do not even have a college degree,” Arrington said in a statement.

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“[Biden’s] administration is dead set on circumventing the Supreme Court, defying Congress, and saddling our country with more debt,” the Texas Republican added.

https://nypost.com/2024/04/16/us-news/bidens-student-loan-cancellations-to-cost-taxpayers-559-billion-study/


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