{"id":1622855,"date":"2022-08-26T10:23:37","date_gmt":"2022-08-26T14:23:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1622855"},"modified":"2022-08-26T10:23:43","modified_gmt":"2022-08-26T14:23:43","slug":"report-bidens-student-debt-cancellation-scheme-will-cost-each-taxpayer-thousands","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-bidens-student-debt-cancellation-scheme-will-cost-each-taxpayer-thousands\/","title":{"rendered":"Report: Biden\u2019s Student Debt Cancellation Scheme Will Cost Each Taxpayer Thousands"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freport-bidens-student-debt-cancellation-scheme-will-cost-each-taxpayer-thousands%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1622855&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>President Joe Biden&#8217;s <a href=\"https:\/\/freebeacon.com\/latest-news\/biden-says-this-law-for-the-troops-gives-him-authority-to-cancel-harvard-grads-debt\/\">plan<\/a> for the government to take on tens of thousands of dollars in student debt will cost the average taxpayer more than $2,000, according to a National Taxpayers Union Foundation <a href=\"https:\/\/www.ntu.org\/foundation\/detail\/cost-of-student-debt-cancelation-could-average-2000-per-taxpayer\" target=\"_blank\" rel=\"noopener\">report<\/a>.<\/p>\n<p>Based on Penn Wharton Budget Model projections, the total cost of Biden&#8217;s debt cancellation is $329 billion over 10 years, the foundation found. With 158 million taxpayers in the country as of 2019, the average cost comes out to $2,085.59 per taxpayer.<\/p>\n<p>The report comes as people take to Twitter to call the plan deeply unfair, with user @mfl_normal <a href=\"https:\/\/twitter.com\/mfl_normal\/status\/1562132405128818690\" target=\"_blank\" rel=\"noopener\">writing<\/a>\u00a0that Biden is &#8220;punishing people&#8221; who &#8220;do the right thing.&#8221; Republicans and some Democrats have blasted the cancellation, with Senate Minority Leader Mitch McConnell (R., Ky.) <a href=\"https:\/\/twitter.com\/LeaderMcConnell\/status\/1562473856182677504\" target=\"_blank\" rel=\"noopener\">calling<\/a> it &#8220;a slap in the face to working Americans&#8221; and swing-district Rep. Jared Golden (D., Maine) <a href=\"https:\/\/www.bangordailynews.com\/2022\/08\/24\/politics\/jared-golden-student-loan-cancellation-plan-out-of-touch\/\" target=\"_blank\" rel=\"noopener\">saying<\/a> it&#8217;s &#8220;out of touch.&#8221;<\/p>\n<p>Multiple economists, meanwhile, say the plan will worsen inflation, with former Obama administration adviser Jason Furman <a href=\"https:\/\/twitter.com\/jasonfurman\/status\/1562503985529233410\" target=\"_blank\" rel=\"noopener\">comparing<\/a>\u00a0the &#8220;reckless&#8221; move to pouring &#8220;gasoline on the inflationary fire that is already burning.&#8221;<\/p>\n<p>Most Americans agree with Furman. Almost 60 percent worry that debt cancellation will make inflation worse, according to a CNBC <a href=\"https:\/\/www.cnbc.com\/2022\/08\/22\/americans-are-concerned-student-loan-forgiveness-will-worsen-inflation.html\" target=\"_blank\" rel=\"noopener\">poll<\/a>\u00a0published this week, as inflation under Biden remains at 40-year highs.<\/p>\n<p>Student debt cancellation costs more money than the president&#8217;s so-called Inflation Reduction Act will reduce deficits in its first decade, the National Taxpayers Union Foundation noted, while doing &#8220;nothing to address the underlying causes of education costs.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden&#8217;s plan for the government to take on tens of thousands of dollars in student debt will cost the average taxpayer more than $2,000, according to a National<\/p>\n","protected":false},"author":162,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1622855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1622855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/162"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1622855"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1622855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1622855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1622855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1622855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}