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Forgiving Student Debt Will Cost $400 Billion

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“The White House’s plan to cancel student loan debt for tens of millions of American borrowers will cost roughly $400 billion over 10 years, according to a new estimate released by Congress’ nonpartisan scorekeeper,” the Washington Post reports.

“The new estimate will fuel the debate over President Biden’s student debt decision, which was cheered by advocates but immediately assailed by Republican lawmakers as a wasteful and inefficient waste of government spending. Biden announced in August that his administration would cancel up to $20,000 in student debt for lower- and middle-class borrowers.”

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About Political Wire

goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

Goddard is the owner of Goddard Media LLC.

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