Biden's Student Loan Forgiveness Boosts Deficit by 27%

The article, written by John Nolte, argues that President Biden's student loan forgiveness plan significantly contributed to a 27% increase in the federal deficit. Nolte points out that the Biden administration initially claimed the program would cost $400 billion, but a subsequent Congressional Budget Office (CBO) report revised that estimate to $500 billion. He further contends that the CBO’s estimate is likely an underestimate, as it doesn't account for the full economic impact of the plan, such as the potential disincentive for borrowers to repay their loans. The article criticizes the forgiveness program, stating it is unfair to taxpayers who diligently paid off their own loans or those who chose not to pursue higher education, and that it sets a dangerous precedent for future government spending. Nolte concludes by saying the plan is a 'gift' to 'privileged' college graduates at the expense of taxpayers and represents a further step towards unsustainable government spending.

Summary

"The article criticizes President Biden's student loan forgiveness program, arguing it significantly increased the federal deficit, is unfair to taxpayers, and sets a dangerous precedent for government spending."