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Wasn’t it only last week that Democrats were touting something called the Inflation Reduction Act? So much for that. The press is reporting everywhere that as early as Wednesday President Biden will announce he is canceling student debt and extending the moratorium on student-loan payments for several more months.
This is an inflation expansion act. The reports say Mr. Biden will cancel $10,000 in debt for borrowers making $125,000 or less a year. That would cost about $300 billion this year, and $330 billion over 10 years, says the Penn Wharton Budget Model.
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