[NY Post] If you’re wondering why the national debt has crossed $33 trillion and is still growing, start with the fact that President Joe Biden just loves spending other people’s money.For example, he can’t quit student-loan giveaways.
Last week saw him approve another $9 billion in "relief" (including outright cancellation), destined for 125,000 borrowers.
That brings the total so far to $127 billion for 3.6 million borrowers.
And that eye-watering number would be higher still if the Supreme Court hadn’t tossed Biden’s initial loan-giveaway plan, which would’ve cost taxpayers at least $400 billion — though the president went right on forgiving loans afterward.
It also doesn’t take into account the vast overall cost of Biden’s income-driven repayment scheme for loans — the SAVE Plan.
(The name is a bad joke: All it will do is spend.)
That, per the nonpartisan Penn Wharton Budget model, will cost Americans $475 billion over the next decade.
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And he’s taking the money of the less affluent — i.e., people who did not go to college — for a giveaway to blue-state doctors and lawyers, favored members of his political coalition.
As patronage goes: chef’s kiss!
But it gives the lie to Biden’s endless blathering about his concern for the economic hardships of average Americans.
He’s beyond adept at squeezing them to juice up his electoral prospects.
And that’s all he’s adept at: spend, spend, spend.
That drunken-sailor spending is a key reason his policies have been complete failures on the economy, delivering nothing but massive pain in the form of high inflation — largely triggered by his $1.9 trillion American Rescue Plan and sustained by his laughably misnamed Inflation Reduction Act.
Even now, as there are very mild signs that inflation is starting to slow, he’s still stoking the fire under it.
In utter defiance of the highest court in the land (so much for the norms he and fellow Democrats claim to treasure so deeply).
There may be another legal challenge to Biden’s loan malarkey down the line. It may even succeed.
But the president’s proven that he spends money when he can and when he can’t.
And when the basic principles of economics all suggest it’s the exact opposite of what he should do.
Biden’s doubled the federal deficit this fiscal year, to $2 trillion: the highest ever outside a recession or national emergency and 7.6% of GDP.
And the new loan handout proves there’s no end in sight, barring an electoral loss for Biden or massive GOP congressional victories in 2024.
He just. Doesn’t. Give. A. Damn.