Joe Biden’s education plan is comprehensive, smart, and well thought out.
Among many other great things, it includes tuition free public college for all families with incomes below 125,000. That means 80% of American families — the 80% who really need the help, could send their kids to college without incurring debt, for themselves of their kids.
It would be easy to write off a policy like this as a pie-in-the-sky idea that would cost taxpayers too much to really implement.
According to an analysis by the Georgetown University Center on Education and the Workforce, the policy would pay for itself within 10 years.
Researchers estimate that Biden’s college plan would cost $49.6 billion during the first year and that the benefits of the plan would outweigh the costs due to an increase in earnings and tax revenue within 10 years. The team at Georgetown estimates that after 11 years, the Biden initiative would cost $73 billion per year, but would be completely offset by the associated increase in tax revenue to a whopping $186.8 billion as workers earn more due to their advanced education and training. “I think it’s worth the money,” says Anthony Carnevale, economist, professor and director of the CEW. “The investment will return within 10 years.”
Researchers estimate that Biden’s college plan would cost $49.6 billion during the first year and that the benefits of the plan would outweigh the costs due to an increase in earnings and tax revenue within 10 years.
The team at Georgetown estimates that after 11 years, the Biden initiative would cost $73 billion per year, but would be completely offset by the associated increase in tax revenue to a whopping $186.8 billion as workers earn more due to their advanced education and training.
“I think it’s worth the money,” says Anthony Carnevale, economist, professor and director of the CEW. “The investment will return within 10 years.”
Biden’s plan is just the kind of common-sense plan that America needs.
In addition, he has a plan to forgive college loans
Biden has recommended canceling federal student debt in the following instances:
If you attended a public college or university. Attendees of private HBCUs and additional MSIs would also be eligible.
If you used the loans for undergraduate tuition. Graduate student debt would not be canceled under Biden’s proposal.
If you earn less than $125,000. Biden’s plan references a phase-out of this benefit but does not offer further details.
Biden also supports forgiving $10,000 for all federal student loan borrowers as COVID-19 relief.
Joe Biden will be a great president.
This is Day 96 in my series 100 Days of Loving Joe Biden
Did you miss any of the 100 days? Here are links for all of them: