There’s no bigger challenge facing our nation right now than crippling, 40-year high inflation.
These difficult economic times are forcing families to make tough financial decisions every day, whether it’s buying fewer groceries, putting less gas in the tank, or canceling family vacations.
At the same time when millions of Americans are struggling to make ends meet, Washington Democrats and President Biden are fueling the inflation crisis by spending hundreds of billions of dollars to advance their radical agenda and reward their political allies.
They still haven’t learned their lesson after they tanked the economy by passing their $2 trillion wasteful spending bill last year. And they are still talking about a new package that would add hundreds of billions, if not trillions, in new spending.
But that’s just the funding they’re trying to pass through Congress. S
ince President Biden took office, he has issued executive action after executive action to secretly put his radical agenda in place.
Alarmed by this administration’s executive overreach, I asked the Congressional Budget Office (CBO) to find out the real cost of his actions. What CBO found should concern all Americans: with the stroke of a pen and without any input from Congress, President Biden’s executive actions have cost taxpayers $532 billion.
So how did President Biden spend $532 billion in taxpayer funding?
Let’s start with handouts to the wealthy. President Biden spent $85 billion to continue a pandemic-era student loan payment moratorium benefitting higher income earners.
An overwhelming majority of Americans - 87% - do not have federal student loans; 60% of student loan debt is held by households with incomes over $74,000. It’s unacceptable that President Biden is considering another handout to the wealthy, this time by spending an estimated $230 billion to cancel $10,000 worth of student loan debt for American households that earn as much as $300,000 per year.