When the government prints more money, the cost of everything starts to rise.
But Joe Biden and his Democrat allies in Washington, D.C. simply cannot help themselves when it comes to massive spending projects and keep trying to use taxpayers’ money to buy support.
But Joe Biden’s latest giveaway is making many taxpayers furious.
Joe Biden continues to spend billions as average Americans struggle to get by
Although Joe Biden likes to pretend that inflation has settled down, the truth is that the prices of most goods and services have continued to rise.
Even Joe Biden could not hold back his shock after paying $6 for a smoothie the other day.
Nonetheless, Joe Biden and his allies are determined to keep spending billions of taxpayer dollars, with no end in sight.
And on Friday, the Joe Biden Administration announced that they plan to spend an additional $5 billion in student loan forgiveness, impacting over 74,000 borrowers.
U.S. Secretary of Education Miguel Cardona issued a statement regarding this new round of loan forgiveness, saying, “The Biden-Harris Administration has worked relentlessly to fix our country’s broken student loan system and address the needless hurdles and administrative inaccuracies that, in the past, kept borrowers from getting the student debt forgiveness they deserved.”
He added, “The nearly $5 billion in additional debt relief announced today will go to teachers, social workers, and other public servants whose service to our communities has earned them Public Service Loan Forgiveness, as well as borrowers qualifying for income-driven repayment forgiveness because their payments are for the first time being accurately accounted for.”
Although this may come as good news for the 74,000 people affected by this move, many economists warn that these massive spending sprees are harmful to the economy.
Economist and prolific businessman Kevin O’Leary, who guest stars on Shark Tank, criticized these moves on Fox News last month.
Per O’Leary, “Why would one cohort of graduates in this particular time be forgiven their loan when everybody else that came before them or after them potentially has to pay back their debt?”
He added, “What about if you were in the military and you served your country, and then you went and borrowed money, 60, $80,000, and you have to pay it back and these people don’t? I mean, that’s just wrong.”
The Biden regime has not been truthful to the American public about inflation
According to the Biden Administration, inflation has cooled down since reaching 40-year highs earlier in his Administration.
Yet, the prices of groceries, cars, most services, insurance, and more continue to climb, causing significant hardship for millions of Americans.
Joe Biden seems completely unaware with these price hikes and seems determined to keep spending like there is no tomorrow.
Taxpayers are desperate for a reprieve; however, experts agree that Joe Biden and his administration are destroying the economy in order to appease the radical Left.
Informed American will keep you up-to-date on any developments to this ongoing story.