Joe Biden’s plan to forgive student loans would cost $24 billion a year, White House Says
Washington, D.C. – President Joe Biden though says the economy is looking good, but he acknowledged on Friday quote, “we have a long way to go”. This as the White House now says its student loan forgiveness plan will cost an estimated $240 billion over the next decade.
This week’s rollout of the plan has been rocky getting pushback from both sides of the aisle. The concerns from Democrats come at a somewhat surprising time. They were hoping the program would help them pick up momentum to keep control of Congress ahead of the November midterms.
Well, the White House says this is a one-time only deal designed to help people still recovering from the financial impact of the pandemic. And although it’s popular with some borrowers, the program is not without controversy. After days of being pressed on the price tag for President Biden’s Student Debt Relief Program.
The White House now says it estimates the plan will cost about $24 billion dollars a year. If three-quarters of those eligible enroll.
“We had to choose a number. And we felt like 75% was the most defensible. That’s why you’re getting it today. You guys asked us for it.”
Officials argue the plan is considered paid for because other administration policies will help reduce the deficit.
“And we’re using a portion of that a very small portion of it to provide relief to middle-class families.”
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The critics of the plan which provides up to $10,000 in relief for Americans making as much as $125,000 a year argued that it’s unfair and too expensive.
“I think it’s a bad idea. An awful lot of Americans choose not to go to college.”
Even Democrats, including Congressman Chris Pappas, who’s facing a tough race in New Hampshire this November, said the plan doesn’t do enough to address quote, “the underlying issue of the affordability of higher education”.
The Debt Relief rollout comes as the president is shifting into campaign mode ahead of the midterms.
“We’re at a serious moment in our nation’s history. The Maga Republicans don’t just threaten our personal rights and economic security. They’re a threat to our very democracy.”
Unveiling harsher language and more targeted attacks at a DNC rally in Maryland this week.
Joe Biden said-
“The Maga Republicans win control the Congress, it won’t matter where you live. Women won’t have the right to choose anywhere. Maga Republicans don’t have a clue about the power of women. Let me tell you something they are about to find out.”
Now, Democrats know that kind of language appeals to their base and they’re hoping measures like the student loan debt relief, as well as efforts to protect abortion rights, are going to get their voters to turn out at the polls in just 73 days.
