Joe Biden’s parting gift to student loan borrowers aligns neatly with his massive deficits. Over and over, spending leads to rising deficits. Among Biden’s many failures, none is more quantifiable than his budgeting — or lack thereof.
“I’m proud to say we have forgiven more student loan debt than any other administration in history,” Biden declared recently, announcing another student loan cancellation for more than 150,000 individuals at an estimated cost of $4.2 billion.
For a one-term administration grasping for a legacy, it need only look at its spending, deficits, and immense debt.
That announcement coincided with two reports from the Congressional Budget Office. In comparing actual results to its projections, the CBO noted that fiscal year 2024 recorded a $1.8 trillion deficit — 6.4% of gross domestic
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