Yesterday the Washington Post’s editorial board published something that frankly we were surprised to see when they called Biden’s student loan forgiveness plan a “regressive, expensive mistake”:

Mr. Biden’s plan is also expensive — and likely inflationary. The Committee for a Responsible Federal Budget estimates that extending the loan pause to the end of the year would cost $20 billion, while forgiving $10,000 for households making less than $300,000 would cost $230 billion. Together, these policies would nullify nearly a decade’s worth of deficit reduction from the Inflation Reduction Act. Moreover, it is unclear that the 1965 Higher Education Act even grants the president the legal authority to take such a sweeping step, given that it was historically understood to permit only more targeted relief.
Mr. Biden’s student loan decision will not do enough to help the most vulnerable Americans. It will, however, provide a windfall for those who don’t need it — with American taxpayers footing the bill.

However, Washington Post economic reporter Jeff Stein sees what Biden’s done in the last few weeks as a legacy enhancer. A really, really expensive legacy enhancer:

Spending a giant pile of money we don’t have is the key to a “legacy” now? We’re guessing the next time there’s a Republican in the White House printing and spending money like crazy it won’t be framed as a “huge change in legacy.”

What a LEGACY!

There was a slight correction:

Wasn’t this supposed to be an “Inflation Reduction Act”?

Biden could end up with a “legacy,” but it might not be the kind he’d like:

Watching this White House (with the media’s help) pretend we’re in the middle of an economic utopia is just laughable.



WaPo Editorial Board’s take on Joe Biden canceling student loan debt might not be what you were expecting

WaPo columnist opposes debt cancellation because ‘it just wasn’t bad enough to justify government intervention’

Mega-thread shows that WaPo didn’t always have an aversion to Nazi comparisons and terms like ‘banana republic’


Editor’s Note:

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