Just How Bad Biden's Bailout For The Rich Is

With the Supreme Court hearing oral arguments today, it’s worth remembering: Biden’s student loan cancellation is a regressive, inflationary bailout for the wealthy paid for by Americans who didn't go to college.

The studies:

• Penn Wharton Budget Model: Biden’s bailout could exceed $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 $600 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.” 

And who pays for this bailout? Taxpayers who didn’t go to college. And what about those who sacrificed and scraped to pay off their student loans? The administration readily admits they 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.

It’s ironic that Democrats like Elizabeth Warren and Katie Porter made big bucks on the backs of the college system. Now, they want people who didn’t go to college to pay for it.