If anyone asked me which school was the best to do an MBA, I would say the Wharton School of Business at University of Pennsylvania. Well, they just released an assessment of Biden’s massive pre-election vote buying scheme. You might have heard that the total cost of this scheme would be around 400-500 billion dollars. But that’s not what Wharton says.
Here’s an article about it from Business Insider:
President Joe Biden’s plans to forgive student loans could cost more than $1 trillion, according to estimates by the Penn Wharton Budget Model.
Biden’s plan to cancel up to $10,000 in debt for people earning less than $125,000 a year, rising to $20,000 for Pell Grant recipients, would cost between $469 billion and $519 billion over the 10-year budget window, depending on whether it covers future students who haven’t started their studies yet, according to the model.
This is higher than its previous estimates.
Here’s where the extra 500+ billion comes from:
The plan would additionally create a new income-driven repayment (IDR) plan, under which they would pay back a maximum of 5% of the portion of their earnings that lies above 225% of the poverty line, up from the current 10% and 150%.
[…]If the Department of Information automatically enrolled borrowers in the IDR program, costs could actually reach $520 billion, according to the model.
That additional $520 billion would take the total costs of the student loan forgiveness plan to over $1 trillion, Wharton said.
It’s an election year. I guess the Democrats don’t think that their other election integrity measures (Zuck Bucks, ballot drop-offs, expanding mail-in voting, denying access to election observers, Big Tech “fact checks”, FBI election interference, etc.) will work. So they have to enslave generations yet unborn to pay for more Democrat votes. Democrats are the party of slavery. They really believe in enslaving people to pay for their reckless, irresponsible decisions.