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WH: student loan bailout fully paid for, Biden’s ‘Fiscal Responsibility Is Second-To-None’ 8/25/2022
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On 8/25/2022, Joe Biden White House Press Secretary Karine Jean-Pierre said the student loan bailout will be fully paid for because of all the work Joe Biden has done with the economy. The US economy is officially in a recession after two back-to-back quarters of negative GDP growth. Of course the debt isn’t going to magically disappear. The middle class will be forced to pay other people’s student loan debt. Karine Jean-Pierre claimed the debt cancelation will be fully paid for because of all the work Biden has done to boost the economy. Biden canceled up to $10,000 in student debt for borrowers who earn $125,000 a year or less and up to $20,000 for recipients of Pell Grants. Jean-Pierre said that President Joe Biden’s economic record is “second-to-none” while touting his “fiscal responsibility.” A reporter asked how much Biden’s plan to forgive certain student loans would cost. “The President’s record on fiscal responsibility is second-to-none, and last year alone — you’ve heard us talk about this because this is incredibly important — he achieved $350 billion in deficit reduction, and this year it’s projected by the end of the fiscal year to be at $1.7 trillion deficit reduction,” Jean-Pierre replied. “This is historic. What we’re talking about here is historic numbers because of the work that this president has done when it comes to the economy,” she added. The White House can't be sure how much President Biden's student loan forgiveness program will cost, Jean-Pierre says, telling reporters that the cost of the program will depend on borrowers and the nature of their loans. Watchdog groups say Biden's plan will cost taxpayers up to $600 billion over the next 10 years. "All of this, when it comes to cost, will depend on how many of the loans canceled were actually expected to be repaid," Jean-Pierre said. "It will depend on how many borrowers actually take up this opportunity before we have a real sense." Jean-Pierre went on to argue that the cost will be offset by the deficit reduction included in other Biden administration priorities. She told reporters that the bill will not be "fully paid for" internally as past White House initiatives have been, but will be further offset by the resumption of loan payments after being paused since 2020. "We don't believe that it's going to increase the deficit, because what we're saying is the $1.7 trillion – we've done the work to lower the deficit," she said. Jean-Pierre said the cost of the plan would depend on how many loans are canceled and repaid, and how many borrowers take advantage of the opportunity. She also cited a report from Goldman Sachs that reportedly said the President’s plan to cancel student debt would have “no meaningful impact” on inflation. https://facebook.com/HygoNewsUSA/vide... WH: student loan bailout fully paid for, Biden’s ‘Fiscal Responsibility Is Second-To-None’.
