Thursday, August 25, 2022

Biden's Illegal Student Debt Forgiveness to Win Voters Will Add to Inflation and Wipe Out Any Deficit Reduction


It’s the new fiscal dance craze
The Biden two step that will taxpayers faze
1 step forward with Inflation Reduction Act
That will raise billions to put large corporations and the $400+k earners on the “pay your fair share track”
Followed by 2 steps backward as $300 billion in student debt forgiveness for those earning less than $125k
But may well end up costing more than $600 billion at the end of the day
Instead of loan modifications to reduce monthly payment by lowering the rate or increase the term
Biden chose to the law on debt by executive action crash and burn
The misnamed Inflation Reduction Act that on inflation will do squat
If the courts do not strike down his $300 billion giveaway the deficit reduction will go for naught
One can argue the merits of why the tax code allowed corporations with large deductions for business expenditures the payment of taxes evade
But to when the pandemic is over to seek votes for 10 grand the smell test receives a failing grade
And an alumnus’ sense of self-worth and standing on 2 feet
For a paltry sum has by the illegal action met defeat

© August 25, 2022 The Alaskanpoet

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