Subj : Robbing the Poor to Pay the Rich
To : FidoNet.ALL-POLITICS
From : Seth Hurst
Date : Thu Aug 25 2022 05:06 pm
Robbing the Poor to Pay the Rich
Pity poor President Biden, who can’t even seem to get the redistribution
of wealth right. His plan to cancel $10,000 in student loan debt for
borrowers earning up to $125,000 per year is very possibly the single
biggest transfer from poor to rich in American history.
Somewhere, Bernie Sanders is weeping.
The average college graduate earns more than $1.2 million more over a
lifetime than his or her non-college peer. The unemployment rate for
college graduates is 2.9 percent and hasn’t risen above five percent in
nearly two years, compared with an unemployment rate of 4.6 percent for
high school graduates.
Those income earners, however, will be helping to foot the bill for
their more affluent peers. Researchers at the University of Chicago
determined that President Biden’s plan will shift an estimated $192
billion in earned income to the top 20 percent of wage earners. Just
$29 billion would go to the bottom 20 percent.
The Federal Reserve estimates that across the income spectrum, President
Biden’s plan will lead to more than 31 percent of all borrowers
(approximately 12 million in total) having their entire student loan
debt eliminated; roughly $321 billion forgiven in an instant.
https://www.maciverinstitute.com/2022/08/robbing-the-poor-to-pay-the-rich/
