A veto and a bankrupt bailout

Joe Biden wants taxpayers who didn’t go to college to pay for those who did. That’s what he just confirmed with his veto of a congressionally-passed effort to block his student loan bailout.

Biden once bizarrely insisted he “got [his plan] passed by a vote or two.” Not only was that not true, this veto confirms the exact opposite – he is defying the will of Congress. And for what reason is he usurping authority and vetoing this legislation? To give a bailout to the rich and White House staffers.

Reminder: Taxpayers who didn’t go to college are paying for this bailout. The administration readily admits people who sacrificed and scraped to pay off their student loans don’t benefit at all. To add insult to injury, experts warn the entire program is “ripe” for fraud and could raise tuition, leading to more borrowing in the future.

These are the studies Biden doesn’t want you to see:

• Penn Wharton Budget Model: Biden’s bailout could approach $1 trillion with the majority of the benefits going to the top 60% of earners.
• National Taxpayers Union Foundation: Biden’s bailout will cost the average taxpayer roughly $2,500.
• Committee for a Responsible Federal Budget (CRFB): Biden’s bailout will cost up to $650 billion over the next ten years and “deliver the majority of the benefits to those in the top half of the income spectrum.”
• Cato Institute: Biden’s bailout will cost over $420 billion.
• Tax Foundation: Biden’s bailout will increase the deficit by more than $350 billion and “make inflation worse.”
• Former Obama economic advisor Jason Furman: Biden’s bailout is a “bad idea” and equivalent to “gasoline on the inflationary fire.” 

It’s clear: Biden’s veto is yet another tax on middle-class families.

For more, check out this piece from RNC Research.