Inflation Jump Expected: Biden Will Force You to Pay $20,000 in Student Debt -- $300 Bilion Tax Bill
The president will forgive debts of up to $20,000 dollars for students who went to college on Pell grants and $10,000 for students who did not receive Pell grants.
Debt forgiveness only applies to individuals earning less than $125,000 or couples filing joint earnings of $250,000.
Biden plans to deliver remarks about his plan and announce further details Wednesday afternoon.
The president made his decision after several months of dithering on the issue, facing pressure from more leftist Democrats such as Senate Majority Leader Chuck Schumer (D-NY), and Sen. Elizabeth Warren (D-MA).
The Wharton School of Economics estimates Biden's plan will cost at least $300 billion.
Biden's decision disappointed leftists who wanted to see a more aggressive plan to forgive college debt, Breitbart reported.
"This will cause inflation to jump again due to the $300 billion being spent and the resulting taxpayer debt for socialism," said Eugene Delgaudio, president of Public Advocate.