President Biden pitched his $10,000-$20,000 per borrower student loan bailout as much-needed relief for struggling Americans. But a new survey of prospective recipients seemingly undercuts this narrative.
Intelligent.com surveyed 1,250 individuals who have or will apply for Biden’s relief initiative and asked them what they’ll do with their extra money after their monthly payments are reduced. (Courtesy of US taxpayers, who are going to be on the hook for roughly $500 billion, or $3,500 per federal taxpayer, over the next decade.) Many of the respondents candidly admitted that they plan to spend the money on things most would not consider essential.
“Overall, 73% of applicants say they are likely to spend their extra money on non-essential items,” the poll reports.
Here are some notable specifics from the survey. Read more…