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Despite the Administration’s attempts to target low-income borrowers, top earners will still benefit the most from Biden’s student loan giveaway.
Analysis from the Committee for a Responsible Budget (CFRB) found that America’s highest earners will reap nearly two thirds of the giveaway. That means for 87 percent of American adults without student loans, President Biden is sticking them with a nearly $600 billion tab.
As noted by the CFRB:
“In the end, the Administration’s student debt cancellation proposal is costly, inflationary, will drive up higher education costs, and will deliver the majority of the benefits to those in the top half of the income spectrum.”
KEY TAKEAWAYS:
BACKGROUND:
President Biden’s student loan giveaway is a massive transfer of wealth that will worsen inflation.
READ: Analysis: Biden’s Student Loan Giveaway Would Benefit Highest Earners Most
Pursuing mass student loan forgiveness ignores the real problems most Americans are facing.
