Posted on 08/24/2022 9:24:19 AM PDT by Oldeconomybuyer
WASHINGTON (AP) — President Joe Biden on Wednesday announced his long-awaited plan to deliver on a campaign promise to provide $10,000 in student debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need — along with new measures to lower the burden of repayment for their remaining federal student debt.
If his plan survives legal challenges that are almost certain to come, it could offer a windfall to a swath of the nation in the run-up to this fall’s midterm elections.
Proponents say cancellation will narrow the racial wealth gap — Black students are more likely to borrow federal student loans and at higher amounts than others. Four years after earning bachelor’s degrees, Black borrowers owe an average of nearly $25,000 more than their white peers, according to a Brookings Institution study.
Still, the action is unlikely to thrill any of the factions that have been jostling for influence as Biden weighs how much to cancel and for whom.
Some advocates say Biden’s plan still falls short.
“If the rumors are true, we’ve got a problem,” Derrick Johnson, the president of the NAACP, which has aggressively lobbied Biden to take bolder action, said Tuesday.
“President Biden’s decision on student debt cannot become the latest example of a policy that has left Black people — especially Black women — behind,” he said. “This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.”
(Excerpt) Read more at apnews.com ...
So now Brandon wants to play Satan Claus by “giving” away other people’s money? What a great gimmick for the election season. These people are bent on destroying our country.
Unconstitutional. Performative gesture meant to buy votes. Courts will strike it down.
Courts won’t have their say until after the election, which is why he would do it now. Once he gets the votes he won’t care whether courts end up allowing it or not.
Vote buying.
Taking from the poor to give to the rich.
Really irks me that I saved money and scarified doing things in order to pay off my own student loans - now I get to pay off the student loans of other people as well. And with the inflation this will cause, many times over - and so will the people whose loans were supposedly “forgiven.”
Vote buying.
Taking from the poor to give to the rich.
Really irks me that I saved money and sacrificed doing things in order to pay off my own student loans - now I get to pay off the student loans of other people as well. And with the inflation this will cause, many times over - and so will the people whose loans were supposedly “forgiven.”
Some voters never learn. They've heard LBJ's comments and still keep voting for the Dems.
44 million people have student loan debt; not really small numbers.
” Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.”
Don’t know how ‘democratic’ it is to have one old man unilaterally canceling student-loan debt. Can someone point me to where in the Constitution such power is given?
Yes, it’s a moral hazard.
And they’ll get really angry when the courts shut it down.
he is buying votes for Nov elections because that is all the left have to offer- ie giving away other people’s money to freeloaders- They cant run on policies- so they run on ‘freebies’
I’m against this, but if it is even remotely fair it should include “all those who took loans” regardless of whether they paid them back. I should also get interest on that money paid back.
Every dollar "forgiven" is a dollar of debt that will go away - just like in bankruptcy.
This will have the effect of reducing our nation's money supply by the same amount "forgiven".
Add this up and it means a much longer and deeper recession than we were already facing.
This idiotic move will end up hurting a whole lot of people who are currently living on the edge - including those who have had certain amounts of their loans "forgiven".
I can't stress enough how stupid of an idea this was...
Biden’s plan will make the plumber’s daughter pay for the lawyer’s son’s college degree.
It’s right out of the Commie Handbook.
Destroy the middle class, cater to he rabble, cause injustice, conflict, dissent, chaos, then take complete control.After the rabble has served their purpose, they kill them off, too.
I graduated in 1992 with a Masters degree. Incurred about $10,000 in student loans. Paid it all back by 1995. Will I get a refund of my $10,000? Why not? Everyone like me should sue Biden for our fair share.
Highest student debt loads are those with Masters degrees. This is an outrage.
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