The 2024 federal budget deficit will climb to $1.9 trillion, which is $400 billion more than projected, thanks, in large part, to student loan “forgiveness.”
The largest portion of that $400 billion surprise comes from “a $145 billion increase that’s partly due to changes the Biden administration made to student loan repayment plans and a new, proposed forgiveness program that would waive some accrued interest for millions of borrowers.”
Well, that’s how CNNLOL spins it, but, in Normal People language, it goes something like this… In a craven bid to purchase votes from a young demographic that he’s losing to Orange Man Bad, Biden is transferring student loan obligations from the privileged who went to college to the rest of us.
This is really something:
Looking longer term, the nation’s debt will approach $57 trillion in fiscal year 2034, nearly $2.5 trillion higher than previously projected, as spending on Social Security, Medicare and interest payments soar and revenues fail to keep pace. The growing imbalance is expected to loom large over upcoming congressional budget and tax battles.
America will be $57 trillion in debt. That doesn’t bother me so much. What bothers me is the waste:
Servicing the debt is one of the federal government’s biggest expenses. Net interest payments on the debt are estimated to total $395.5 billion this fiscal year, or 6.8% of all federal outlays, according to the Office of Management and Budget. That’s more than $100 billion more than the government expects to spend on veterans’ benefits and services and more than it will spend on elementary and secondary education, disaster relief, agriculture, science and space programs, foreign aid, and natural resources and environmental protection combined. [emphasis original]
We’re pissing away all that money on debt service. It’s outrageous. Imagine the good it would do if we could return that $395.5 million to the taxpayers every year.
I’m not one of those people who believes the debt will doom us. The Debt Doom talk is like Global Warming to me — for decades, we’ve been told the end is nigh, and there’s been no nigh, so I’ve stopped believing. Besides, now that I’m less than four years from collecting my Social Security, I could not care less — unless someone tries to cut my Social Security or Medicare! Yeah, I’m one of those guys now. Hey, I’ve paid in plenty for 45 years. You’re damn right I’m one of those guys.
Go ahead, give away the store.
Keep voting for craven liars, like Joe Biden, who give away the store.
It’s no skin off my nose.
Imagine the idiocy behind Democrats who are a-okay with this student loan scheme. For decades, these are the same people who have been screaming about “tax the rich” and “pay your fair share,” and here they are now backing a guy transferring billions and billions in debt from the privileged to the non-privileged.
John Nolte’s first and last novel, Borrowed Time, is winning five-star raves from everyday readers. You can read an excerpt here and an in-depth review here. Also available in hardcover and on Kindle and Audiobook.
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