Another view | Las Vegas Review-Journal: Another $400 billion, but who will ever notice?
Democrats want to talk about abortion, abortion, abortion, intensely hoping that voters won’t notice the economy, the economy, the economy. But amid a constant torrent of bad economic news, party loyalists may embark on a futile mission.
Stocks continued their slide on Monday as the Dow fell 325 points. We are now in a bear market, with prices having fallen 20% from their previous high on January 4th. Under Biden, many Americans are watching their 401(k)s being eaten alive.
Meanwhile, interest rates are steadily rising as the Fed seeks to stifle runaway inflation, which is at 40-year highs. Unemployment is expected to rise, growth has declined for two straight quarters, and a recession is looming, if it hasn’t already engulfed the economy. Grocery shoppers would do well to be prepared as the checkout approaches.
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Yet the administration shows no sign of backing down in its irresponsible spending spree even as the debt clock ticks wildly. On Monday, the Congressional Budget Office announced that the president’s latest foolish scheme, wiping out some student loan debt, will cost $400 billion. That’s more than half the cost of the misnamed Inflation Reduction Act, the hymn to central government planning and industrial policy that hits US taxpayers to the tune of $740 billion.
But the CBO’s price for the student loan — which the agency admitted to be “highly uncertain” — is likely low because analysts failed to factor in Biden’s “proposal to streamline the loan-based repayment plan.” income, an effort to reduce monthly payments for future student borrowers,” CNN reported, “which could drive up the total cost to the government.”
Factoring that into the equation could increase the cost by $120 billion, the CBO concluded. Other critics put the final overall cost at nearly $1 trillion.
Representative Virginia Foxx, a Republican from North Carolina who, along with fellow Tar Heel Sen. Richard Burr, requested the report, was unimpressed. “The CBO’s $400 billion cost estimate,” she said, “shows that this administration has lost all sense of fiscal responsibility.”
His use of the word “lost”, however, implies that this White House once had such meaning. There is, in fact, no evidence that this was true or ever will be.
Biden, his advisers and his advocates — none of whom saw it coming — continue to insist that the country’s economic slump is the result of Russia’s invasion of Ukraine and other factors that are beyond the control of the administration. And if you don’t believe in those progressive pious hopes, well…abortion.