President Biden wants American taxpayers to pay off $10,000 student loan debt for approximately 40 million people including some Pell Grant recipients who could have $20,000 forgiven. His action, if enacted, will cost all American taxpayers about $2,500 each resulting in a total cost between $240 billion to $1 trillion over the next 10 years. For a party who wants everyone to “pay their fair share,” it hardly seems fair to those who already paid off their student loan debt or those who never took out a student loan.
In this week’s Labor Day message from the American Federation of Teachers (AFT) president Randi Weingarten, she boasted “we helped an AFT member in California wipe out her $450,000 student debt”. Somebody will be paying for this AFT members $450,000 charge.