Larry Kudlow on student loan handout: Biden is using questionable COVID health emergency authority
Larry Kudlow: Student loan handout is a bad idea
FOX Business host Larry Kudlow gives his take on President Joe Biden’s student loan handout on ‘Kudlow.’
The talk of the town this evening is President Joe Biden's announcement a little over an hour ago to cancel student loans to a large number of people who are mostly concentrated in the upper reaches of our national income.
I'm being a bit vague here because I'm seeing a lot of numbers bandied about, but so far, no official scorecard price-out from the CBO. Essentially, it sounds like a married couple earning $250,000 a year would be eligible for a bailout of roughly $20,000 dollars.
There are provisions for people working in non-profits, there are Pell grant loans involved and enormous complexity from the White House fact sheet and other sources. My take is, this is a bad idea. Biden is using questionable COVID health emergency authority, a very shaky assumption, to hand out this election year relief.
More or less, 70% of predominantly middle-class taxpayers are going to be bailing out something like 30% of those best well off. Oh, and that's right, it does sound like an election year handout, doesn't it? Think of this.
US PENDING HOME SALES DROP AGAIN IN JULY, TUMBLING TO LOWEST LEVEL SINCE 2020
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