Posted on 02/17/2021 7:56:57 AM PST by Red Badger
President Joe Biden just delivered some very bad news to Democrats, especially the far-left wing of the party.
During a CNN town hall on Tuesday night, Biden said he would not eliminate $50,000 in student loan debt, shooting down a proposal that prominent Democrats introduced this month.
However, Biden did say that he is open to some level of loan forgiveness.
“I will not make that happen,” Biden said when an audience member asked him to commit to cancel at least $50,000 in debt.
“My point is: I understand the impact of debt, and it can be debilitating,” Biden said. “I am prepared to write off the $10,000 debt but not $50 [thousand], because I don’t think I have the authority to do it.”
Biden said he didn’t want to forgive the debts of borrowers who attended elite private schools like “Harvard and Yale and Penn,” arguing the money would be better repurposed toward early childhood education and making community college tuition-free.
Biden also questioned whether he has the authority to cancel billions of dollars in loans without Congress.
WATCH:
We've reached a dozen audience questioners in the #BidenTownHall with yet another Democrat, demanding that the Biden administration immediately wipe out "a $50,000 minimum" of student loan debt in order to save the American Dream. pic.twitter.com/YoBf1BOzJa
— Curtis Houck (@CurtisHouck) February 17, 2021
Biden faces growing pressure from his own party to take bolder action on student debt and to bypass Congress to do so.
Unsurprisingly, it took little time for New York socialist Rep. Alexandria Ocasio-Cortez to weigh in.
The case against student loan forgiveness is looking shakier by the day.
We’ve got the *Senate Majority Leader* on board to forgive $50k. Biden’s holding back, but many of the arguments against it just don’t hold water on close inspection.
We can and should do it. Keep pushing!
— Alexandria Ocasio-Cortez (@AOC) February 17, 2021
AOC wrote in two tweets:
1. Who cares what school someone went to? Entire generations of working class kids were encouraged to go into more debt under the guise of elitism. This is wrong.
2. Nowhere does it say we must trade-off early childhood education for student loan forgiveness. We can have both.
“The case against student loan forgiveness is looking shakier by the day.
We’ve got the *Senate Majority Leader* on board to forgive $50k. Biden’s holding back, but many of the arguments against it just don’t hold water on close inspection.
We can and should do it. Keep pushing!”
At the beginning of February, Sens. Chuck Schumer, D-N.Y., and Elizabeth Warren, D-Mass., introduced a resolution calling on Biden to erase $50,000 in student loan debt via executive order.
The lawmakers maintained that Biden could use existing executive authority under the Higher Education Act to order the Department of Education to “modify, compromise, waive or release” student loans.
It’s hard to gauge where Biden’s head is at.
He seems open to the idea but doesn’t think he has the legal authority to do so.
And he also has the most hardcore liberals in his party pushing him to do this, which would likely be challenged in the courts.
Time will tell what happens next, but Biden certainly just angered AOC and many of her allies.
“asset”
Assets of that quality are what led to the last meltdown.
The Leftist DEMs, proving every day that talk is cheap and the people who vote for them over and over and over are just flat out ignorant and stupid.
Indeed a smart move, and thank you for your service.
Scams like ‘Learn How to Be a Truck Driver’ ‘Own Your own Beauty Shop’
Scam ‘higher education’ types also saw a way to keep cash rolling in after the drop in college bound students... the plan was to accept people who had zero chance of graduating or getting a decent job with their limited class participation. Easy loans and pity party stories made the scams possible... and the scammers look like 'heros to people of color' - rather than the people who were ripping off the community.
Colleges expanded programs for people who could hardly get out of high school and many who never got out of high school... When these kids were accepted the colleges knew 80% to 90% of them would flunk out and be stuck with massive debt. Then programs were set up in grievance studies and universities started raking in cash. They knew most of the kids had no chance of getting a job with grievance degrees and would be unable to pay back their loans.
Then there's the thing about hitting up the workers of the county to pay for the flings of white liberal elite colleges scamming the poor - and the wealthy. On our dime - as usual.
AOC is nuts.
Same here. Army to college to career. It worked for me.
The constitution makes it clear that 10k is OK but 50k is the line. Deal with it
Yeah I stupidly got a loan at a tech school that closed. Went 1 semester back in 1983 before joining the Army. Thought I paid it off. But as a stupid 18 year-old, I never kept any of the payment papers or proof of payment. The $2600 loan is now $43K. Only paying $5 a month to keep it off my FICO score.
Debt is never “forgiven”, it is only transferred.
What people don’t realize, and most of the youths who voted for this scam is that the Federal government cannot ‘forgive’ private debt. IOW, these kids that used money they borrowed from private lenders are still on the hook for the full amount..................
Yay! My communist brother-in-law is going to have to continue to pay his ridiculous student loans for his Master’s degree in Acting from Harvard! Hahahahahaha!!
What people don’t realize, and most of the youths who voted for this scam, is that the Federal government CANNOT ‘forgive’ private debt.
IOW, these kids that used money they borrowed from private lenders are still on the hook for the full amount..................
Yep, but AOC and her ilk will demand that the federal government print up some more money to pay to the private companies...or demand that they just forgive the debt
Paid tuition for my kids, do I get a refund? I have receipts. And it’s all over $50k
No one voted for him, they voted against Trump or some stooge faked it
First substantial retreat they have been forced to make and we are still in February. I’ll take it as a good start.
The whole nonprofit scam has got to go. The Baltimore Sun, a virtual arm of the Democrat party, is planning to go non-profit. How can that be?
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