Biden Shuts Down $50K Student Debt Idea in 6 Words

20 Février, 2021, 16:14 | Auteur: Auguste Feret
  • Tom Williams  CQ-Roll Call Inc via Getty Images Rep. Alexandria Ocasio Cortez. Tom Williams  CQ-Roll Call Inc via Getty Images

White House Press Secretary Jen Psaki reversed President Joe Biden's claim that he does not support a federal bailout for student loan debt during a press conference Wednesday.

"I will not make that happen". Biden told a woman who said she was looking for at least that much in debt forgiveness.

On Tuesday, the representative from NY criticized President Joe Biden's opposition to a Democratic plan that would wipe out $50,000 in student loan debt for borrowers, saying his argument against it "is looking shakier by the day".

Biden said he "would not" eliminate $50,000 in student debt, arguing that need depends on whether someone went to public universities or private universities like "Harvard and Yale and Penn". Elizabeth Warren (D-Mass.) and a slew of other progressive lawmakers. "Because I don't think I have the authority to do it by signing the pen". Chuck Schumer of New York, and Sen.

"Whereas canceling up to $50,000 in Federal student loan debt per borrower is the most equitable way to ensure the benefits of cancellation reach the borrowers most in need of relief because that action would lift a disproportionate number of low-income borrowers and Black and Latino borrowers completely out of student debt, including almost 90 percent of all borrowers in the lowest income quintile and over 90 percent of Black and Latino borrowers in the lowest income quartile", H. Res. 100 says, in part.

But total student loan forgiveness - which would total $1.6 trillion - is unlikely to take place under Biden's administration, though some more targeted policies may succeed, experts said.

Such a plan would likely face a hard path in Congress where even some moderate Democrats and almost all Republicans have opposed sweeping forgiveness of student loans.

"Why do we have to choose between student loan debt forgiveness and funding childhood education?" The people who struggle to repay their student loans tend to be those that didn't graduate and have small debt amounts. "The sums involved in loan-forgiveness proposals under discussion would exceed cumulative spending on numerous nation's major anti-poverty programs over the last several decades".

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He later told CNN during a town hall that he would "not make that happen".

In a joint statement Wednesday morning, Warren and Schumer said that "an ocean of student loan debt is holding back 43 million borrowers and disproportionately weighing down Black and Brown Americans".

"How would you feel if you just finished paying off your loans and then they said, '(for) those who haven't paid their loans, we are forgiving them, ' but you get nothing?"

"We've got the *Senate Majority Leader* on board to forgive $50k", said Ocasio-Cortez, who is a potential primary threat to Schumer in his reelection bid next year. Biden's holding back, but numerous arguments against it just don't hold water on close inspection. "We will keep fighting".

Proponents of debt cancelation have increasingly framed the debate as a racial justice issue, noting the disproportionate burden of student loan debt on borrowers of color. People who go to Ivy League schools represent less than 0.5% of the almost 15 million undergraduate college students in the USA, and a lot of them don't have to take out student loans to do it.

Advocates for debt cancelation argue it would stimulate the economy, and could help address the racial wealth gap.

Throughout his first month in office as the latest President of the United States, Joe Biden has been hard at work to deliver upon the many promises that he made during his presidential run past year. It may also create a unsafe incentive for students who otherwise wouldn't have taken out loans to do so, with the hope the government would step in and forgive them, creating a downward spiral, Flores-Lagunes said. Psaki said, "That's right".

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