Reminder: Biden's bailout was bad news

The Supreme Court just ruled that Biden’s bailout is unconstitutional.

Amid the flurry of coverage around the Supreme Court’s ruling, it’s important to remember that Biden’s student loan bailout was a TERRIBLE proposal. The FACTS:

• Taxpayers who didn’t go to college foot the bill for the bailout.
• The administration readily admits that people who sacrificed and scraped to pay off their student loans wouldn’t benefit at all.
• Experts warn the entire proposal was “ripe” for fraud.
• The plan could have raised tuition, leading to more borrowing in the future.
• The Committee for a Responsible Federal Budget (CRFB) found that the bailout would “deliver the majority of the benefits to those in the top half of the income spectrum.”
• The Tax Foundation found that Biden’s bailout would “make inflation worse.”
  • Former Obama economic advisor Jason Furman described Biden’s bailout as a “bad idea” and equivalent to “gasoline on the inflationary fire.” 

And that’s BEFORE we even talk about the massive cost. According to the Penn Wharton Budget Model, Biden’s bailout proposal approaches $1 trillion with the majority of the benefits going to the top 60% of earners.  The National Taxpayers Union Foundation predicted that Biden’s bailout would have burdened the average taxpayer with roughly $2,500.

Bottom line: Biden’s student loan bailout was yet another way his economic agenda is abandoning middle-class families.

For more, check out this piece from RNC Research.