By Randall Poulton
Answer to Last week’s question: President Biden announced a plan whereby he unilaterally “forgave” all, or portions of, 43 million outstanding student loans. In that context, which of the following statements is false? The answer is “C”
A. According to the Constitution, only Congress, acting in the name of the USA, can raise money, spend money and borrow money. True – I am confused how Biden can unilaterally forgive (i.e. payoff) student loans. Isn’t that spending taxpayer money?
B. The White House refuses to put a price tag on Biden’s plan. But, based on Biden’s own numbers, the cost of his plan could be well over half a TRILLION dollars.
True – The exact cost will depend how many people apply for the forgiveness.
C. At the federal level, the amount of student loan forgiveness an individual receives will count a taxable income. FALSE! There was a clause buried in Biden’s $2 TRILLION American Rescue Plan (ARPA) that, during the years 2021-2025, any college loan forgiveness would be tax free at the federal level. So, now is the cost of ARPA $2.5 TRILLION?
D. In Maine, a married couple who made $300,000 in 2020 could get as much as $40,000 in loan forgiveness.
True – To qualify for forgiveness a married couple’s income must be under $250,000 in either 2020 or 2021E. People who have repaid their student loans will now have to pay for the loan forgiveness of those who did not. True. The only winners in this government give-a-way are the people who didn’t repay their loans!
During COVID we heard a lot from the WHO and CDC and NIH and Wuhan. But strangely, we did not hear much about “You Sam Rid”. Who or What is You Sam Rid?
A. You Sam Rid is the name of a company that makes anti viral drugs that rid the body of all viruses.
B. You Sam Rid is the nick name for the University of Samuel Riddle, a world leader in biological research.
C. You Sam Rid is how people pronounce the acronym USAMRIID
D. You Sam Rid is Biden speak for Yousef Raashid, the Nobel prize winning viral biologist who may have “invented” COVID.
E. You Sam Rid is a miracle disinfectant that the Army uses when biological agents are deployed on the battlefield