[category Coddingtons Corner]
Posted by Ada Coddington
Last month, the Biden administration announced that it would wipe out an estimated $1 trillion dollars owed to the county. No vote, nor authorization from Congress. The money simply appeared as if by magic.
While the administration’s decision is limited to student loans, the existence of magic money is apt to cause problems for the broader government. Specifically, it is likely going to be a problem for Social Security, and those who depend upon the program.
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