CNBC reports that most beneficiaries of Biden’s student loan forgiveness program plan to spend their extra money on vacations, dining out, alcohol, video games and gambling.
The Biden Administration claimed that their student loan bailout program was intended to help “middle-class borrowers struggle[ing] with high monthly payments.”
In fact, most beneficiaries plan to spend the cash on luxuries.
A survey by Intelligence.com found that 73 percent of beneficiaries plan to spend their additional cash on luxuries like vacations, dining out, alcohol, video games, and even gambling.
“Overall, 73% of applicants say they are likely to spend their extra money on non-essential items. Men are more likely than women to say they will use the additional money this way (84% vs 65%). The plurality (52%) of applicants say they are ‘very likely’ or ‘likely’ to buy new clothing and accessories with the extra funds they’ll have. Using the money for a vacation (46%) or eating out at restaurants (46%) were also popular answer choices. Additionally, applicants say they are likely spend the extra money on: Smartphone (44%); Investing in the stock market (43%); Gifts (42%); Gaming system (36%); Wedding (30%); Drugs/Alcohol (28%); Gambling (27%).”
The bill, of course, is going to be dropped in the lap of everyday Americans who will no doubt be delighted to pay more in taxes to pay of the loans of Theatre majors.
One wonders where the Republican party was on this during the past election. As Kevin O’Leary points out on CNBC, this would have been a great issue for the Republicans.
Here at GOUSA we didn’t see the Republicans make an issue of Biden’s bailout for the bourgeoisie. Time for new leadership at the GOP. Yes, long overdue.