News reports indicate that President Biden intends to release details of a long-discussed plan to forgive student loans, including for many high-ranking political appointees serving in his administration. Whether or not speculation holds over a $10,000 forgiveness for individuals earning up to $125,000 annually, there are certain to be winners who are in senior policy making positions for President Biden. This will amount to a raise for his closest allies and aides, some of whom may have even participated in crafting the policy.
The losers are sure to be the American public, many of whom never went to college, worked and saved to avoid having to take out loans, or have already paid off their loans. With elections around the corner and record-high inflation caused in part by the administration’s policies, the timing is consistent with concerns that politics are driving policy, rather than sound principles.
Given the activist-oriented nature of the President’s appointees and the consistent theme of the special interests benefiting from Biden policies, it shouldn’t come as a surprise that hundreds of Biden political appointees lurking Inside Biden’s Basement could be set to benefit from this new student loan forgiveness policy. The result? You will have to pay their loans so they are free to buy their next electric vehicle.
Based on the data we have compiled, at least 223 high-ranking Biden appointees still have outstanding loans totaling anywhere between $12.6 million and $31.2 million. The four agencies and offices most likely involved in formulating this policy (Education, Treasury, Consumer Financial Protection Bureau, and the White House) also have numerous political appointees who could potentially benefit based on their own public financial disclosures. The total outstanding student loans for appointees in each:
- White House: $3,015,091 to $7,425,000
- CFPB: $230,004 to $600,000
- Treasury: $170,007 to $415,000
- Education: $125,006 to $350,000
As we are still in the midst of tracking down data for many of the appointees hiding Inside Biden’s Basement, this list is surely just the tip of the iceberg of potential beneficiaries waiting to hand a fat bill to the American taxpayer. Check out the table here to see who else Inside Biden’s Basement you and your kids may be paying off college loans for!