In other words, hardworking Americans who did not attend college would pay more in taxes to help subsidize kids who choose to attend a four-year institution for something worthless like a gender studies degree.
According to the most recent poll, the bailout money would most likely be spent on frivolous goods such as booze, drugs, and vacations.
According to The Post-Millennial:
“In a poll conducted by the website Intelligent.com, 73% of those applying for President Joe Biden’s student debt relief program, which will cancel up to $20,000 in borrowers’ debts and cost taxpayers almost $1 trillion, will spend their extra cash on non-essential goods and activities such as purchasing new smartphones, partying, and going on vacation…”
“A more detailed analysis revealed that 52 percent prioritized shopping for clothes, while 46 percent prioritized going out to eat or going on a vacation. 44 percent would spend their additional money on a new smartphone, 36 percent on a new video game system, 28 percent on alcohol and drugs and 27 percent on gambling.”
“If the program isn’t completely scrapped, 77 percent of those questioned believe they could spend their money more wisely.”
Some argue that the poll findings were predictable.
Because the folks who would profit the most from Biden’s student debt cancellation are likely to be well-off citizens who lean Democratic,
More from The Post-Millennial:
“Using the Penn Wharton Budget Model’s lower end assumptions, Biden’s student loan forgiveness amounts to about $2000 per taxpayer. Under this approach, nearly 45 percent of persons who took out federal student loans would have all of their federal student loans canceled, and up to 95 percent of borrowers would benefit.”
Biden’s plan also extends the payment moratorium on federal loans through the end of the year, ensuring that universities suffer no immediate financial penalties.