If anyone asked me which school was the best to do an MBA, I would say the Wharton School of Business at University of Pennsylvania. Well, they just released an assessment of Biden’s massive pre-election vote buying scheme. You might have heard that the total cost of this scheme would be around 400-500 billion dollars. But that’s not what Wharton says.
Here’s an article about it from Business Insider:
President Joe Biden’s plans to forgive student loans could cost more than $1 trillion, according to estimates by the Penn Wharton Budget Model.
Biden’s plan to cancel up to $10,000 in debt for people earning less than $125,000 a year, rising to $20,000 for Pell Grant recipients, would cost between $469 billion and $519 billion over the 10-year budget window, depending on whether it covers future students who haven’t started their studies yet, according to the model.
This is higher than its previous estimates.
Here’s where the extra 500+ billion comes from: