Democrats Already Pressuring Joe Biden to Forgive Student Loan Debt
“We should also push for tuition-free public colleges to avoid this huge debt bubble from financially decimating people every generation.”
The election has not yet been certified, but Democrats are already making it clear what they intend to do if and when Biden is declared the winner.
Chuck Schumer, Elizabeth Warren, AOC, and other Democrats are pressuring Biden to forgive student debt through executive order.
Lucas Manfredi writes at FOX Business:
Progressives ramp up pressure on President-elect Joe Biden to forgive student loan debt
As President-elect Joe Biden is preparing for his transition to the White House in January, progressives in the Democratic party are ramping up pressure on the former vice president to forgive student loan debt once he takes office.
“Student loan forgiveness is good, actually,” Congresswoman Alexandria Ocasio-Cortez tweeted Monday. “We should also push for tuition-free public colleges to avoid this huge debt bubble from financially decimating people every generation.”
She argued it is “one of the easiest progressive policies to ‘pay for,’ with multiple avenues from a Wall St transaction tax to an ultra-wealth tax to cover it.”
Ocasio-Cortez isn’t the only one calling for student loan forgiveness.
Sens. Elizabeth Warren, D-Mass., and Chuck Schumer, D-N.Y., introduced a resolution back in September, in which they urged the next president to use executive authority through the Higher Education Act to “deliver meaningful relief to struggling Americans and broadly cancel up to $50,000 in student loan debt.”
We should also push for tuition-free public colleges to avoid this huge debt bubble from financially decimating ppl every generation. It’s one of the easiest progressive policies to “pay for,” w/ multiple avenues from a Wall St transaction tax to an ultra-wealth tax to cover it.
— Alexandria Ocasio-Cortez (@AOC) November 16, 2020
1. Biden-Harris can cancel billions of dollars in student loan debt, giving tens of millions of Americans an immediate financial boost and helping to close the racial wealth gap. This is the single most effective executive action available for a massive economic stimulus.
— Elizabeth Warren (@SenWarren) November 12, 2020
There is already plenty of push back on this idea:
How about this: instead of forgiving everybody's college debt, we force all the colleges who scammed millions of Americans into degrees in Useless Theory Masquerading As Valuable Life Skills to grant refunds. That would end the grift right quick.
— Ben Shapiro (@benshapiro) November 16, 2020
The college debt “forgiveness” Biden’s team is planning is just paying off mostly white lib voters from 3rd tier colleges with worthless humanities degrees
It’s a transfer of wealth from welders, plumbers, and general contractors to adjunct professors and MSNBC watchers
— Buck Sexton (@BuckSexton) November 16, 2020
It would benefit me personally but I'm staunchly AGAINST it because it's a huge slap in the face to people who worked and saved to pay for college instead of taking out loans. https://t.co/l8Xo9z5k3l
— Eddie Zipperer (@EddieZipperer) November 17, 2020
I think Dems are wildly underestimating the intensity of anger college loan cancelation is going to provoke. Those with college debt will be thrilled, of course. But lots and lots of people who didn't go to college or who worked to pay off their debts? Gonna be bad. https://t.co/SCxdIekT0P
— Damon Linker (@DamonLinker) November 16, 2020
So if the latest plan is to #CancelStudentDebt does that mean those that have already paid off their student debt are given a reimbursement check?
— Nick Short (@PoliticalShort) November 16, 2020
No, no it’s not. Student loan forgiveness conditions people to believe that they don’t have to take responsibility for their decisions.
It’s this culture of a lack of responsibly that leads to broken families, rising crime, and financial peril.
No, @AOC.
— Errol Webber (@ErrolWebber) November 16, 2020
https://twitter.com/PartymanRandy/status/1328524697533870081
I didn’t take out student loans, but I should be forced to repay the debt of others. It is absolutely unreal. https://t.co/4ZxrTF9ywI
— Bonnie (@BonShores) November 17, 2020
Robert Verbruggen writes at National Review:
Forgiving Student Debt Is (Still) a Dumb Idea
Some on the left, perhaps most prominently senators Chuck Schumer and Elizabeth Warren, have encouraged Joe Biden to forgive loads of student debt via executive order. I’ve written numerous times about how bad of an idea this is, most extensively in a print piece last year, but here’s a brief overview.
Basically, the student-debt “crisis” is nowhere near as bad as some like to pretend: Most borrowers pay a small share of their income toward their loans, and borrowers who get into trouble can already have their loans delayed or forgiven through various programs. The folks this system neglects are not people with huge debt burdens — who tend to make high incomes and are exceedingly well-covered by existing forgiveness programs anyway — but those with smaller debts, particularly those who didn’t finish college.
Forgiving debt for everyone is a poorly targeted policy no matter how you look at it. It helps the wealthy more than the poor, it’s not fair to people who paid off their debts early, and it’s not a good way to stimulate the economy during COVID. (As the center-left economist Jason Furman points out, the forgiven debt would be taxed, which would cut into any immediate economic effect.)
Colleges and universities should have some skin in this game, but if the higher education implosion continues due to lower enrollment and the pandemic, expect Democrats to ride to their rescue in more ways than one.
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Comments
Such a lol
Many will disagree and I fully understand why, but wouldn’t it be sweet for President Trump to beat the DIMS to the draw and issue forgiveness this week.
funny. the biden-harris admin will repeal the horrific (not so much…) muslim country travel ban the obama-biden admin enacted.
Free shit for everybody by executive order, but Trump was the tyrant.
I’ve completely lost any faith I had in the American voter. They’re a bunch of idiots.
The Democrat Party’s un-educational system has been “DUMBING” them down for 6 FULL DECADES.
Whaddya expect?
Doubt it was the actual voters who selected Biden. If they were, do you think he would have under performed Hillary in every metro, except the four that he need to flip the election?
If the votes are to be believed, Milwaukee, Detroit, Atlanta, and Philadelphia are far and above LA, and even DC in Biden enthusiasm.
Think you will enjoy this article about DEM cities.
The City is Killing America
https://www.frontpagemag.com/fpm/2020/10/city-killing-america-daniel-greenfield/#.X5CSmU-KpNo.twitter
Please remember the Dominion votes. There might be smarter voters out there than you know.
That’s assuming that the American voters responsible for this are flesh and blood people, and not thumb drive retailers.
Paul, sad but very true.
Worse than that, it’s punishing those who were self-sufficient, creative, responsible, or whatever that enable us to pay off our debt.
Bottom line, that is the core principle of all socialism, is it not?
“From each who toiled for his wealth, to each who would not.”
We are witnessing the effect of letting commies run our public schools. Half the country truly believes you can just tax the other half to get what you want and everything will be fine.
Instead they’ll be financially devastating people OF every generation — whether they go to some stupidly expensive and useless institution or not.
I’d almost be willing to sell back my degrees for what I paid in tuition to get them, if I hadn’t gone to a school that was cheap even by pre-student-loan standards.
The way to avoid the debt bubble is to put a halt to most financial aid pro, which will in turn stop Degree Creep – you can’t demand a Master’s Degree for an entry level position if there are not enough useless Master’s Degrees available.
Ha, let me assure you it won’t be the adjunct professors (or even many tenured profs, I suspect) who would benefit from this transfer of wealth – it would be the university presidents and their buddies, along with other useless administratives like campus diversity officers and the like.
I am not an expert in these things. But based upon the past history of similar wacky leftist schemes (the so-called War on Poverty, “Cash for Clunkers”, the savings and loan crisis, the Fannie Mae crisis of 2008, etc) there will be baleful effects on the economy.
Economics is a tough mistress. $40 government vouchers for digital TV converter boxes in 2009 assured American consumers that no boxes would be offered to sale for under $40 (and vanishingly few were offered at $40). Yet now that the voucher program has expired, WalMart carries them for $20, and it’s clearly not an “economies of scale” effect.
What “forgive”? The lending institutions are entitled to get their $$ – and this is going to come from.
Wait for it…
THE TAXPAYERS…
No
Biden and Giggles will do to our nation the damage hillary clinton was supposed to have done – if we allow them to steal this election.
We can only hope there is a special kind of hell for Sessions and Barr. And we can only hope they get their first taste while still alive.Those 2 rats alone could have prevented the coming civil war. Instead, they facilitated it.
I guess I’m a sucker.
Took out loans to pay for my college education, BS Civil Engineering. My parents could not afford to pay tuition @ state school.
Got a job and paid off my loans, early and in full, because that’s what I promised to do when I signed the loan papers.
It’s that simple.
Yep. I married a woman who had $50,000 in student loan debt. I was a long-term sub and my wife was a waitress (thankfully she now uses her degree). We still managed to pay her $800 a month payment. If a sub on $90 a day and a waitress can afford it, then pretty much everybody can.
Well, I’ll get to cancel about 30 or 40k but I’ll likely be out of a job when the whole higher ed ecosystem collapses under enormous downward pressure. Thanks Dems!
The Babylon Bee was right on the money
https://babylonbee.com/news/hard-working-plumber-looking-forward-to-paying-his-for-his-neighbors-gender-studies-degree
Play by the rules, get screwed. Defend yourself, get arrested. Pay your bills, you are coerced to pay the bills of freeloaders.
This is not my America.
TANSTAAFL. Somebody has to pay.
.
Well, why should we pay for our own indoctrination anyway?
We aren’t even doing that. We’re paying for other peoples’ indoctrination.
We’ll be paying to crank out elite-spawn who want nothing more than to take everything away from us and leave us no alternative but to obey their merest whim.
Hard pass.
If you think administrative salaries, and university budgets generally, were grossly inflated, just wait until universities are “tuition-free”. There is nothing so expensive as “free” college.
There used to be a slogan on bumper stickers that said, “If you think education is expensive, try ignorance.”
Our elite colleges and universities accepted the challenge and proved the slogans right. Now people pay hundreds of thousands for ignorance, where I paid a few thousand for an education.