Obama's Student-Debt Giveaway Cost $22 Billion
Last year, Barack Obama broadened the “Pay As You Earn” student-debt federal giveaway. As usual, it was a wealth-transfer scheme – giving taxpayer money away to the coveted votes of young people. Even Obama’s buddies at Politico are astounded at the cost of his “generosity.” Michael Grunwald reports, “In obscure data tables buried deep in its 2016 budget proposal, the Obama administration revealed this week that its student loan program had a $21.8 billion shortfall last year, apparently the largest ever recorded for any government credit program.” Worse, “because of a quirk in the budget process for credit programs, the [Education] department can add the $21.8 billion to the deficit automatically, without seeking appropriations or even approval from Congress.” Like every other program Obama calls for, he wants to “pay for it” by taking money from upper-bracket taxpayers. “This should be a no-brainer,” he said last summer. “It would be scandalous if we allowed those kinds of tax loopholes for the very, very fortunate to survive while students are having trouble just getting started in their lives.” In other words, it’s his money to dispense with as he pleases. The real scandal is that Obama has dumped an $8 trillion truckload of new debt onto the backs of our children and grandchildren – all while claiming a mantle of fiscal responsibility. Our national debt now stands at an astounding $18.1 trillion. That’s more than $145,000 per American household. And he’s not done yet.