by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Nobody has yet come up with a definitive estimate of the full taxpayer cost of President Joe Biden’s student loan bailout, but the numbers are already staggering. And as budget-busting as this one is, it’s only whetted the Left’s appetite for more loan bailouts.
When the White House announced Biden’s plan, they said the cost of the loan cancelations would cost $240 billion over 10 years. The Congressional Budget Office just released its estimate and pegged the cost at $400 billion, plus another $20 billion in costs by the extension of Biden’s “emergency” payment suspension through the end of this year – a suspension allegedly in response to COVID, which Biden himself says is no longer a pandemic. …
… But that’s only a small part of the taxpayers’ largesse Biden wants to shower on college students. …
… But as bad as this is, it is only the beginning.
Already, advocates are mounting a campaign to have Biden cancel medical debt. Kaiser Health News published a piece complaining that with all the focus on student loan debt “little public attention has been focused on what is — statistically, at least — a bigger, broader debt crisis in our country: An estimated 100 million people in the U.S., or 41% of all adults, have health care debt, compared with 42 million who have student debt.”
An Insider article makes it clear where this is heading: “Biden made a major dent in the student debt crisis,” it says, “and it’s time he does the same for the growing medical debt load in the U.S., attorneys and advocates say.”
If Biden gets away with this student loan bailout, what’s to stop the White House from drawing up an executive order for him to sign that would forgive medical debt, credit card debt, heck any and all debt? All conveniently timed for the 2024 election.