Posted on 02/17/2021 7:35:21 AM PST by SeekAndFind
President Biden dashed progressives' hopes on Tuesday during a CNN town hall event when the topic of student loan forgiveness came up.
A community theater marketing director told the president “at least” $50,000 in student loan forgiveness is needed, and asked how he plans to make that happen.
Biden flat out told the woman he won’t make it happen, before proceeding to give a long-winded response that included pointing out how much debt his children acquired after their schooling.
“But my point is, I understand the impact of the debt. And it can be debilitating. And I think there's a whole question about what universities are doing,” he said. “They don't need more skyboxes. What they need is more money invested in making -- so, that's why I provide, for example, $80 billion -- $70 billion over 10 years for HBCUs and other minority-serving universities, because they don't have the laboratories to be able to bring in those government contracts that can train people in cybersecurity or other future endeavors that pay well.
“But I do think that, in this moment of economic pain and strain, that we should be eliminating interest on the debts that are accumulated, number one,” Biden continued. “And, number two, I'm prepared to write off the $10,000 debt, but not $50,000.”
He then acknowledged it’s because he doesn’t have the power to do so: “I don't think I have the authority to do it by signing with a pen.”
Progressives took to Twitter to challenge that claim and urged Biden canceling a more significant amount is necessary.
Earlier this month Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren, and other progressive lawmakers called on Biden to "cancel up to $50,000 in federal student loan debt immediately."
If we’re just going to forgive student loans then let’s stop making them altogether.
Suckers.
L
Suckers! LOLOLOLOL!
Ha ha ha. We knew it already. You idiots who voted him in will be eating grass and the leather off of your shoes eventually.
And then.....reality happened.
They need to go smoke some more medicine and chill out.
Is he prepared to pay for it or is he just going to move the debt to the next generation or increase taxes on the middle class again?
Anybody with student loans that need to be paid off should just use the profits from their investments in Texas windmills to make the payments.
The solution is obviously more foreign aid that foreign governments can then “donate” back to graduates of American Universities like Where’s Hunter? .
It does make you wonder what is going to happen in the future.
If we are forgiving student loans now , what about people who are borrowing today, to go to college in the next few years? Will their loans be forgiven as well eventually?
Are we setting up an expectation among young people that student loans are not real Financial Obligations that need to be repaid , because they’re going to be eventually forgiven?
About time for Joe to say no. This had to happen at some point.
From the 500-odd promises made prior to November 2020....in the end, he might only accomplish one or two of these.
This is a big issue with reparations also (besides the blatant issues) that once the hand outs are given, the hands will be out forever. Everyone *expects* $1.4k now on top after the first 2. Just same old ‘get what you pay for’.
A community theater marketing director told the president “at least” $50,000 in student loan forgiveness is needed...
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I think I see the problem.
This can never happen politically because think of the anger from all the millions of people out there who actually did pay back their student loans.
Actually I have no problem with forgiving student debt provided it comes from the endowments of all those universities that received all that money for their overvalued indoctrinations, I mean educations.
Thank goodness! But Congress may yet decide to go ahead and vote for it. Biden is still proposing to provide free community college to families earning less than $125,000 a year. I would think new students would appreciate that.
Exactly, as illustrated by the guy who confronted Liz Warren.
1 - Make it easy for students to declare bankruptacy, which includes their student debt.
2 - Create law that says when student debt is forgiven through bankruptacy, neither the lender or the school will have any recourse or recovery from the government, i.e., the taxpayer.
Implementing these laws will give lending institutions and school institutions incentive to carefull scrutinize any student with outstanding school loan(s). As it stands today, the student loan lender and school institution carry little risk because the law makes it difficult for the student to default on his/her loan. This has contributed to both lending and school institutions being ok with the borrowing of hugh sums for degrees that produce little employment or income.
It's past time that lending institutions and schools put their skin in the game.
No $2000, no $15 /hr, no student loan forgiveness...suck it!
And and and I’m not going to stop fracking any where......
The slow thinkers always take the bait the sweeter it sounds the more they bite.
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