{"id":1623460,"date":"2022-08-26T16:04:34","date_gmt":"2022-08-26T20:04:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1623460"},"modified":"2022-08-26T16:04:38","modified_gmt":"2022-08-26T20:04:38","slug":"biden-loan-cancellation-could-cost-more-than-1000000000000-says-penn-wharton-budget-model","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-loan-cancellation-could-cost-more-than-1000000000000-says-penn-wharton-budget-model\/","title":{"rendered":"Biden Loan Cancellation Could Cost More Than $1,000,000,000,000, Says Penn Wharton Budget Model"},"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\">26<\/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%2Fbiden-loan-cancellation-could-cost-more-than-1000000000000-says-penn-wharton-budget-model%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=1623460&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 plan to have taxpayers pay for student loans could cost more than $1 trillion, <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2022\/8\/26\/biden-student-loan-forgiveness\" target=\"_blank\" rel=\"noopener\">according<\/a> to the Penn Wharton Budget Model.<\/p>\n<p>Debt cancellation alone will cost up to $519 billion, the model found, with loan forbearance costing another $16 billion. In light of behavioral changes and program details, though, the total sum could be over $1 trillion.<\/p>\n<p>The estimate is even more than the National Taxpayers Union Foundation, which analyzed the budget model, expected. The foundation found that debt cancellation will cost the average individual taxpayer over $2,000, the <em>Washington Free Beacon<\/em> <a href=\"https:\/\/freebeacon.com\/biden-administration\/report-bidens-student-debt-cancellation-scheme-will-cost-each-taxpayer-thousands\/\" target=\"_blank\" rel=\"noopener\">reported<\/a>.<\/p>\n<p>Both Republicans and Democrats have blasted the plan, with Army colonel and congressman Mike Waltz (R., Fla.) <a href=\"https:\/\/freebeacon.com\/biden-administration\/army-officer-and-congressman-calls-bidens-student-debt-bailout-slap-in-the-face-to-veterans\/\" target=\"_blank\" rel=\"noopener\">calling<\/a> the cancellation &#8220;a slap in the face to veterans.&#8221; Biden used a law intended to help veterans to justify canceling loans for all borrowers. Swing-district congressman Jared Golden (D., Maine), meanwhile, said the plan is &#8220;out of step with the needs and values of working-class Americans.&#8221;<\/p>\n<p>Experts, including liberal economists, say the plan will worsen inflation, with former Obama administration adviser Jason Furman calling the move &#8220;gasoline on the inflationary fire that is already burning.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden&#8217;s plan to have taxpayers pay for student loans could cost more than $1 trillion, according to the Penn Wharton Budget Model. Debt cancellation alone will cost up<\/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-1623460","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\/1623460","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=1623460"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1623460\/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=1623460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1623460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1623460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}