CNN Smerconish June 4, 2024 13:06:00
A year. that would cost about 300 billion this year and 330 billion over 10 years says the penn warten budget model. that's far more than the 102 billion the inflation reduction act purportedly reduces the deficit over ten years starting in 2027. about 70% of the loan relief would go to borrowers in the top 60% of income distribution. it's probably not accurate to calculate the cost solely by how much debt is being forgiven, because that debt was probably not all going to be collected any way. more than 8 million people, 1 in 5, had defaulted on their loans before the pandemic. there's also th...