Yesterday the Washington Post’s editorial board published something that frankly we were surprised to see when they called Biden’s student loan forgiveness plan a “regressive, expensive mistake”:
Mr. Biden’s plan is also expensive — and likely inflationary. The Committee for a Responsible Federal Budget estimates that extending the loan pause to the end of the year would cost $20 billion, while forgiving $10,000 for households making less than $300,000 would cost $230 billion. Together, these policies would nullify nearly a decade’s worth of deficit reduction from the Inflation Reduction Act. Moreover, it is unclear that the 1965 Higher Education Act even grants the president the legal authority to take such a sweeping step, given that it was historically understood to permit only more targeted relief.
[…]
Mr. Biden’s student loan decision will not do enough to help the most vulnerable Americans. It will, however, provide a windfall for those who don’t need it — with American taxpayers footing the bill.
However, Washington Post economic reporter Jeff Stein sees what Biden’s done in the last few weeks as a legacy enhancer. A really, really expensive legacy enhancer:
Breadth of big White House policy moves in August alone is pretty striking:
— ~$700B climate/health/energy IRA
— $20K student debt cancelation for most borrowers
— $280B China competitiveness bill
— $280B for veterans' health careHuge change in Biden legacy in a few weeks
— Jeff Stein (@JStein_WaPo) August 26, 2022
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Spending a giant pile of money we don’t have is the key to a “legacy” now? We’re guessing the next time there’s a Republican in the White House printing and spending money like crazy it won’t be framed as a “huge change in legacy.”
Out of control spending is a legacy, I guess. https://t.co/JXhjuTOM5i
— NeverTweet (@LOLNeverTweet) August 26, 2022
Literally all of the IRA’s deficit reduction wiped out, with Biden adding like half a TRILLION to the national debt in a month. https://t.co/qd4B6j7Qy0
— Tiana Lowe (@TianaTheFirst) August 26, 2022
What a LEGACY!
"Journalism" https://t.co/y5tiaVRNRO
— Sister Toldjah 🌻 (@sistertoldjah) August 26, 2022
There was a slight correction:
Sorry yes my bad I know this but agree the above is misleadingly phrased; should say something like a package w/ hundreds of billions on climate, energy & health spendinghttps://t.co/yF0przqwia
— Jeff Stein (@JStein_WaPo) August 26, 2022
Wasn’t this supposed to be an “Inflation Reduction Act”?
Biden could end up with a “legacy,” but it might not be the kind he’d like:
Well, if the goal was to have an economy worse than Carter, then yes.
— Taro Tsujimoto (@RCannon74) August 26, 2022
Watching this White House (with the media’s help) pretend we’re in the middle of an economic utopia is just laughable.
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Editor’s Note:
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