HOUSTON - This week 43 million Americans hit a "jackpot" - both figuratively and literally.
I'm of course speaking of President Joe Biden's executive order to forgive an estimated half-trillion dollars worth of student loan debt... For those making under 125 "k".
Borrowers benefiting from this relief - will get up to 20 thousand dollars in obligation written completely off the books... "forever"
I guess I shouldn't say "completely" off the books because we all know, "there are no free rides".
To fund this write-off, the national taxpayers union estimates an additional cost of $25 hundred dollars for every American taxpayer.
That's a pretty "bitter pill" for folks who chose not to go to college ...and entered a trade instead... Or started a small business....not to mention those who worked their way through university or those whose parents saved and sacrificed to cover the cost of a degree.
Still plenty of unknowns here - as in whether the president truly has the authority to do this without congressional approval....and whether all this debt relief will throw gasoline on the "inflationary fire" the Biden Administration is supposed to be fighting.
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Total cost of 4-year public & private colleges nearly tripled since 1980
Panel discuses President Joe Biden's executive order to forgive an estimated half-trillion dollars worth of student loan debt and how the cost of education to attend public and private colleges have tripled.