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CBO: Biden Student Loan Bailout Costs $400 Billion

…and that doesn’t include the Income-Driven Repayment changes, which could dwarf the initial $10 to $20,000 giveaways, by incentivizing many graduate programs to raise tuitions through the roof with the full confidence that their students will pay no more than 5% of their disposable income regardless and dump the rest onto taxpayers.

CBO rules also, of course, didn’t consider the high likelihood that the Biden plan would be a new precedent for periodic similar bailouts or any other likely behavioral response.

So this $400 billion cost – dwarfs the phantom deficit savings from the “Inflation Reduction Act” – should be considered an extreme lowball estimate:

As one of our favorite members of Congress points out, this isn’t how our system of government is supposed to work:

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