Biden promised during his campaign that he would cancel student loan debt by a large margin at least. During a recent townhall on CNN, he backpedaled by saying he didn’t have the authority to cancel $50,000 in debt, which is what is being proposed as the first step. This is absurd and Biden knows it, given that he also said he was open to cancelling $10,000 in debt. Both Elizabeth Warren and Chuck Schumer, neither of whom could reasonably be termed progressives, attacked Biden on this front, which is a good sign.
Presidents Obama & Trump used exec. authority to #CancelStudentDebtThe Biden admin has said they’re reviewing options for cancelling up to $50K. Sen. Warren & I are confident they’ll agree with Obama & Trump standards and experts who say the admin has authority to deliver relief. Student loan debt is holding back 43M borrowers, disproportionately weighing down Black & Brown Americans. Cancelling $50K in student debt will help close the racial wealth gap, benefit the 40% of borrowers without a college degree, & help stimulate the economy. It’s time to act.
Cancelling student loan debt would help alleviate the racial wealth gap, which while something I don’t care about, could be used as a framing mechanism to goad Biden into action. Who care’s if black and brown people benefit, even disproportionately? Even if no White people benefited, it wouldn’t hurt them. But White people will benefit, and if even one White person would benefit from student debt forgiveness, I would still be for it. This is one of the few issues that would affect me personally, because while I don’t have tens of thousands in debt, a family to provide for or bills to pay, it would certainly let me spend that money elsewhere, or simply to save. Biden needs to cancel all student loan debt without exception. Then, he needs to make all public colleges tuition free, so that we never burden students with massive amounts of debt ever again.
Student debt: https://twitter.com/SenSchumer/status/1362079369578045445
Joint statement: https://twitter.com/SenSchumer/status/1362078535242891267
Most Black voters support eliminating student loan debt, new survey finds
Democrats push back after Biden says he can’t cancel $50,000 in student loan debt
News Observer: https://www.newsobserver.com/news/politics-government/article249317195.html
Biden rules out canceling $50,000 in student debt — but Schumer and Warren plan to keep pushing him
Biden Said 3 Things About Student Loan Cancellation—What It Means For Your Student Loans
Biden at odds with Democratic leaders over lawmakers’ call to cancel up to $50,000 in federal student debt
Washington Post: https://www.washingtonpost.com/education/2021/02/17/biden-democrats-student-debt-forgiveness/
Biden rejects $50,000 student loan forgiveness plan, faces progressive backlash
Warren statement: https://twitter.com/SenWarren/status/1362078956342693889
Ilhan Omar: https://twitter.com/IlhanMN/status/1362089417331122177
Schumer, Warren Challenge Biden on Student Debt Cancellation
What Canceling Student Debt Would Do for the Racial Wealth Gap
Department of Education freezes student loan payments through September
Biden promised to forgive student debt, but don’t expect relief anytime soon