As the midterms approach, and President Biden’s poll numbers continue to sink, some political strategists are expecting the President to formally cancel outstanding student loan debt up to $50,000 per person.
Biden suggested in a meeting with the Congressional Hispanic Caucus that he’s getting ready to take action on student loan forgiveness. Biden, who hinted at this idea during his Presidential campaign has had the support of many top Democratic leaders in his party, including Senator Chuck Schumer, Elizabeth Warren, Bernie Sanders, and Nancy Pelosi.
To date, Biden has paused and extended the deadline for student loan debtors to begin repaying their debt, twice. The pause in repayments began during the Trump Presidency at the climax of the Covid pandemic. This move, if executed, would shake up not only the political spectrum but the economy as a whole. Some see the move as a way for Biden to win back disgruntled voters within his own party – many of whom have been disappointed in his Presidency to date. Others see the move as having drastic consequences to the point where it could sink his poll numbers even lower. Either way, cancelling student loan debt is very polarizing.
Economically, erasing billions of dollars in debt, with an executive order, will come with harsh consequences as somehow the money must get repaid. This could come in the form of the proposed “billionaires tax” on the extreme wealthy of this Country. Even if Biden does not ultimately cancel the debt, he might still sign an order cancelling interest rates or lowering them.
Nikki Haley, former U.S. ambassador to the United Nations, said that “no hard-working American without a college degree should have to pay for others’ student loans. Period.” Others are irate at the notion that there is no reward for those who have already worked hard to pay off their student loans. They look at this potential move as a slap in the face.
Senate Minority Whip John Thune and other fellow Republican Senators are introducing a bill to block the president from eliminating student loan debt.
That is why i vote and love repubs they only take care of rich! The banks cannot afford to have those loan erased it will hurt profits! Lets give a tax cut the 1 percenter that much better! And lets cut food stamps, sextion 8 welfare light assistance because we have to take care of the rich and let cancel obamaCare to if you dont have healthcare who cares just die! Lol Vote Repub there the best!
Does everyone realize that by forgiving outstanding loan they are at the same time punishing those who paid up their loans. If there are two students in the same class who took out 10,000 in loans (just a random number) and one paid 4,000 and the other zero, the one who paid 4,000 will have 6,000 forgiven and the one who paid zero will have 10,000 forgiven. And even if they say that the amount forgiven will be taxable it’s still just a percentage.
Also, they already forgave the loans of all students who were “mislead” by their colleges. These are not students who were “defrauded”.
Forgiving the loans not only punishes those that did it right and paid off the loans
The forgiven loans will be added to the Countries deficit, that means that anyone that didn’t go to Collage and those that paid their loans will be paying for those that are being forgiven. a double whammy for those that did it right.
The Democrats don’t understand that if everyone decides to stop doing it right they will bankrupt this country
They should “match”. They should cancel $1 for every $1 paid
Ready for this, No one is being punished. Not all programs are meant to benefit everyone.
The country would be far better if we were able to cancel sleepy Joe AND the leftist Democrats.