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Joe Biden revelation: Democratic presidential nominee's free college plan can pay itself off in 10 years
Democratic presidential nominee Joe Biden and his running mate Senator Kamala Harris have already outlined their platform when it comes to education. A recent report by Georgetown University reveals another upside to the policy laid out by the Democratic ticket.
Biden and Harris have proposed an education plan that includes a tuition-free public college for all families that have an income of $125,000 and under. The Georgetown University Center on Education and Workforce has analyzed the policy laid out by the Democratic candidates and found that the policy would actually pay itself off in a span of 10 years.
The report made by the researchers, factors in the costs of the plan along with three major free-college models: First-dollar tuition-free programs, last-dollar tuition-free programs, and debt-free programs. The first-dollar programs are where students use their financial aid to cover additional costs instead of their tuition and fees. The last-dollar programs are where their tuition is covered after factoring in their financial aid, and the debt-free programs aim to cover all costs for students instead of students having to take out loans.
The plan by Biden falls under a first-dollar program with income restrictions. It is also predicted to be less expensive compared to the debt-free program. The researchers estimate that the plan would cost $49.6 billion in the first year and its benefits would outweigh the costs because of increased earnings and tax revenue spaced out in 10 years. By 11 years, while the plan would cost $73 billion every year, it would be offset by the tax revenue that would be made that amounts to $168 billion.
In other news, during a virtual fundraiser, Biden revealed to donors that he has spoken with billionaire investor Warren Buffett. The former vice president shared that they discussed America’s potential to lead the world.
“Just got off the phone with Warren Buffett and talking about how … we’re in a position, unlike we were 50, 70, 80 years ago, to lead the whole damn world in a way nobody else can,” said Biden. “There’s no limit to America’s future. The only thing that’s going to tear America apart is America itself.”