Author: John Combs

The Biden-Harris administration heralds its new flagship student loan repayment plan as one of the “most affordable” to ever exist. Aimed at lowering monthly payments for millions of borrowers, the “Saving on A Valuable Education” or SAVE initiative even sets payments to $0 for some students (They may have read our guide to student loans).

On the flip side, the Republicans were quick to bash the plan, tagging it as a “free college scheme”. In September, Senator Bill Cassidy introduced a joint resolution with other congressional Republicans to overturn Biden’s “reckless income-driven repayment (IDR) rule”.

According to them, the SAVE scheme could leave taxpayers on the hook for as much as $559 billion, making it the costliest regulation in US history. In the Congressional Review Act (CRA) resolution, the conservative critics argued that the Biden administration was just promoting the SAVE scheme “as a solution to America’s broken student loan system”:

“The only difference between President Biden and a snake oil salesman is a title……In reality, the SAVE scheme is a desperate effort to curry favor and buy votes ahead of the next election.

On late Wednesday, the Senate floor heard Cassidy commenting on the plan saying: “Where is the forgiveness for the guy who didn’t go to college but is working to pay off the loan on the truck he takes to work? This is irresponsible. It is deeply unfair.”

However, the Democrat-controlled Senate managed to narrowly strike down this Republican-led effort. They voted majoritarily along party lines in a 49-50 vote, making the latest challenge to Biden’s generous repayment plan null and void. 

On the occasion of the measure failing to pass the house, Senate Majority Leader Charles Schumer said:  “I’m very glad this chamber had the good sense to defeat it. This is a real victory for our young people and for the future of America.”

Earlier in the same week, the President had indicated in a memo that he would veto the joint resolution anyway in case it passes Congress and reaches his desk. 

The new repayment plan has already attracted nearly 5.5 million borrowers, according to the Education department as of November. Out of this, about 2.9 million have their payments set at $0. The interest for borrowers and base monthly loan repayments are capped according to their incomes and family sizes. 

The press release further stated that the borrowers enrolled in SAVE are saving an estimated $102 a month ($1,224 a year) compared to what they would have paid on the Revised Pay As You Earn (REPAYE) plan. Calling this the “most affordable repayment plan ever”, Education Secretary, Miguel Cardona, was quoted as saying:

“Under President Biden, the Department created the SAVE Plan so that young people and working families can climb the economic ladder without unaffordable student loan debt weighing them down. I’m thrilled to see that in less than three months, nearly 5.5 million Americans in every community across the country are taking advantage of the SAVE Plan’s many benefits, from lower monthly payments to protection from runaway student loan interest.”

TALLAHASSEE, FL – Governor Ron DeSantis has decided to swap his infamous boots for a more “down-to-earth” Halloween costume this year. Sources close to the Governor’s mansion have leaked that DeSantis will be dressing up as none other than one of the Seven Dwarves.

For those out of the loop, a recent viral video showcased the Governor donning a pair of boots that suspiciously seemed to have heel lifts, presumably to add a few inches to his stature.

Have you heard of #Bootgate? You have now. Pass it on. pic.twitter.com/fbD5FVm7Fq

— Maiden USA (@MaidenUSA_) October 31, 2023

Critics were quick to point out that the boots might be a compensatory measure for DeSantis’s height, or lack thereof. The Governor, however, has remained tight-lipped about the video, choosing instead to let his Halloween costume do the talking.

“It’s a bold move,” commented Tallahassee resident, Patty Simmons. “I mean, going as one of the dwarves? After that video? It’s like he’s saying, ‘I see your jokes and raise you a costume.'”

But the choice of a dwarf might not just be a nod to the recent boot debacle. Insiders speculate that this could also be a subtle jab at Disney amidst their ongoing legal tussle with the state. With Disney’s headquarters located in the heart of Florida, and Snow White being one of their iconic characters, DeSantis’s costume choice seems to be more than just a coincidence.

“Is it a coincidence? Maybe. Is it hilarious? Absolutely,” remarked local comedian, Jake Hernandez.

While the Governor’s office has yet to release an official statement about the costume, Floridians are eagerly awaiting Halloween night. Many are curious to see if DeSantis will fully commit to the role, complete with the oversized ears and purple hat.

One thing is for sure, this Halloween, DeSantis is set to be the talk of the town, and for once, it won’t be about his boots.

In an astonishing display of economic acumen, the United States, under the infallible guidance of Bidenomics, has successfully bolstered its national debt to a near staggering $1.7 trillion, marking a fiscal year that historians might one day refer to as “The Great Accrual.”

Sources report that White House staffers, in a burst of innovative problem-solving, have been seen digging through the cushions of sofas, desperately seeking any spare change to contribute to the national coffers. “We were hoping for loose dollars, maybe a forgotten Lincoln or two,” one anonymous staffer shared, a sense of disappointment palpable in their voice as they held up a bag of inexplicably found substances. “But all we’ve found so far is some dusty cocaine. We’re holding onto it for… uh, evidence. Yes, evidence.”

Meanwhile, the Federal Reserve has taken a more traditional approach, revving up the money printers and preparing for a fresh batch of crisp, newly minted bills. “Who needs a budget when you have an endless supply of paper and ink?” commented a Fed insider, the sound of printers whirring like music in the background. “It’s eco-friendly too; we’re recycling the economic plans from the 1920s.”

In international affairs, President Zelensky has reportedly been leaving voicemail after voicemail, puzzled why his once-frequent calls with President Biden have suddenly gone unanswered. Sources suggest the new, trendy war in Gaza has taken precedence, with funding whimsically redirected in a display of geopolitical ‘hot potato’ budgeting.

The fiscal year did indeed close with a flourish, the deficit hitting a high note at $1.695 trillion, a figure achieved through meticulous planning, such as a casual $457 billion drop in revenue and a modest cut in expenses by $137 billion – because who needs revenue when debt is the new black?

As the national debt hovers around a cool $33.6 trillion, up $10 trillion since the pre-COVID days, nostalgia for the pandemic’s simpler times is palpable. “Remember the good old days when we only had a health crisis?” mused a Treasury official while signing a $659 billion check for the interest payment on the debt.

Treasury Secretary Janet Yellen, reaffirmed the administration’s iron-clad commitment to, eventually, consider possibly thinking about addressing the long-term fiscal challenges. “We have strategies,” she announced, waving a colorful array of pie charts and bar graphs, “and we expect they might reduce the deficit, theoretically, at some point over the next decade.”.

All this economic pageantry has coincided with President Biden’s humble request for just a smidge more funding – $105 billion, give or take – for humanitarian aid amidst the latest Middle Eastern conflict.

As staffers continue their sofa excavations and the money printers hum in harmonious symphony, the nation waits with bated breath to witness which economic marvel Bidenomics will unveil next.