An estimate of the cost to Americans of the student loan forgiveness plans Biden thinks will buy him votes – 600 billion bucks – which = 100,000 bucks each for the 6 million elderly in poverty

Remember these articles?

SCOTUS rules Biden student vote buying scam is illegal (substack.com) – from August 2033

And this from a few days ago?

Once again, the decrepit old windbag squatting in the White House seeks to steal money to buy votes – he broke the law with a prior attempt – "student loan forgiveness" for 30 million blacks/Latinos (substack.com)

Biden broke the law with the first attempt and now wants to do it again. Now we have an estimate of the cost.

From here:

Shocking Report Reveals: Biden’s Student Loan Plan Set to Burn a $600 BILLION Hole in Taxpayers’ Pockets! – Herald Posts

DIZ HUNDRED BILLION DOLLARS

And that is before interest – which at 5% per annum adds on another 30 billion bucks a year – and compounds every year, just like the interest on the national debt of 34 trillion bucks.

Here’s a quote:

“Marc Goldwein, from the Committee for a Responsible Federal Budget, explained that “Americans will feel the cost upfront through slightly higher prices, and over time with slightly lower future incomes.”

The analysis also points out that factoring in the debt that will be cancelled moving forward and the interest cancelled during the pandemic pause on repayments, the total amount being forgiven is closer to $600 billion.”

The interest rate on student loans is set based on the likelihood of default – so broadly speaking, if one in 20 students defaulted on their loans EVERY YEAR, the charge for all students would be around 5% higher than the interest rate paid by the “default free” US government for its debt.

Excluding the “cut” taken by lenders, this is how all debt – from mortgages to car loans to personal loans is calculated.

The current plan prioritizes blacks and Latinos who took on student loans at community colleges. As such it is racist. If the students cannot service the loans they freely entered into you would think the finger would be pointed at a failure of community colleges in teaching the skills that would provide an income. What’s the betting that course o how to be “woke” were more prevalent that how to be a plumber or electrician?

I ran through the reasons why the law-breaking of Biden is wrong on so many levels in those previous articles at the top of this one.

But let’s add another.

Why should community college students receive a cash hand-out (that is what cancellation of debt rather than other groups that have less or no ability t0 earn income – where students D have that ability?

I am thinking of the elderly, the disabled, and single parent families with one or more kids.

What makes students who failed or took the wrong courses at community colleges get a bail-out?

This is how the Democratic Party works – it creates divisions based on race, age, sex (LGBT), religion, politics and siphons money from everyone else or borrows it from others.

The Democratic Party – as all socialists/communists – believes that money is not a valid reward system for effort – and that anyone who engages in hard work is a mug since reward can be handed out for no effort at all – simply by taxing everyone and borrowing the shortfall in taxes.

Doesn’t the House of Representatives control government spending?

I suspect Bernie Sanders might campaign for relief for the elderly living in poverty – after all, he calculates that 10% of the elderly live in poverty – that would be a tenth of around 60 million in retirement in the US – around 6 million elderly people living in poverty. 600 billion bucks works out at 100,000 bucks for each of those 6 million.

The numbers around the theft attempted by the squatter in the White House are staggering – at the expense f those in need, ahead of those students with their whole lives in front of them to earn money by doing the right thing.

A case in point here:

(100) Denver city diverts 90 million bucks from the needy to sponsor human trafficking. (substack.com)

Different problem – same principle. Ignore the needs of the poor and needy – give money to criminals where none was available to residents before.

  By the way, what ever happened to all those long-term tent city people in San Francisco who were booted out and the streets cleaned of faeces prior to the Chinese President’s visit a few months ago?

Gavin Newsom Slammed for Only Cleaning Up San Francisco 'for Xi Jinping' (newsweek.com)

“In the days leading up to the event, homeless encampments in the city's downtown were cleared, sidewalks were polished, graffiti was scrubbed away, and murals and decorative crosswalks were added to busy areas.

At a press conference on Thursday, Newsom acknowledged that the cleanup efforts were timed to coincide with the arrival of "fancy" leaders to San Francisco, which has been struggling to shed its image as a city in decline.”

All about the selfish interest of politicians, not about the people they are paid to take care of, with taxes paid over decades.

Onwards!!!

Please subscribe ten dollars a month or annually for 100 bucks. You can also donate via Ko-fi – any amount from three dollars upwards. Ko-fi donations here: https://ko-fi.com/peterhalligan