Breaking Down the Cost of Biden Debt Cancellation Per Taxpayer

Though President Biden has continued to argue Congress’s passage of the inaccurately-named Inflation Reduction Act (IRA) (or as I prefer to call it, the Inflation Retention Act) addresses the deficit and inflation in one fell swoop, his recent unilateral decision to cancel up to $20,000 of student loan debt per taxpayer has put the lie to claims of effective action against the mounting national debt. A recent analysis by the National Taxpayers Union Foundation (NTUF) finds that this will cost taxpayers around $400 billion.

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