On Wednesday, The Washington Examiner posted an article about how Washington is spending our money.
The article reports:
The Congressional Budget Office now projects that the federal deficit for fiscal 2024 will total $1.9 trillion, a $408 billion increase from its projection in February that the deficit would amount to $1.5 trillion. The culprit of this 27% increase in the projected deficit? President Joe Biden‘s bailouts of student loan debt and failed banks.
More than a third of the projected increase, or $145 billion, results from “revisions that the Administration made to the estimated subsidy costs of previously issued loans and from the Administration’s proposed rule to reduce many borrowers’ balances on student loans,” according to the CBO. The Federal Deposit Insurance Corp., which was directed by the White House to foot the bill for a series of bank failures even though not all the compromised accounts were insured by the independent agency, has failed to quickly recoup those losses, increasing projected outlays by another $70 billion. Together, Biden’s bailouts of the banks and of student loan debt contribute to a majority of the $408 billion increase.
More pernicious than all the student loan debt Biden is explicitly trying to cancel, often in violation of repeated pushback from the federal judiciary, is the debt taxpayers are clandestinely being forced to take on through the president’s income-driven repayment scheme for student loans borrowers are nominally expected to repay again after a multiyear pause.
This is an election year. President Biden is attempting to buy votes. However, younger voters are not necessarily buying what he is selling. Younger voters fresh out of college, trade school, or high school are discovering the high cost of housing, gasoline, and groceries. Some of the smarter ones are also looking at the lawfare against President Trump and not liking what they see.
If the November election is honest, it is going to be very interesting–many stereotypical voting blocs are changing rapidly.