As soon as this weekend, President Biden could announce a plan to cancel $10k in student debt per borrower, according to WaPo, citing three people with knowledge of the matter.
Biden could make the announcement at the University of Delaware’s commencement ceremony on Saturday. The plan would apply to Americans who earned less than $150k in the previous year or less than 300k for married couples filing jointly.
On April 6, the White House announced it would extend the pause of federal student loan repayments through August 31. It wasn’t clear if the administration would extend the moratorium beyond this.
The decision to wipe out $10k of student debt per borrow who meets requirements comes as President Biden’s approval ratings collapse.
Notice how the number of stories in the news of “student debt loan forgiveness” is soaring ahead of the midterms, but Biden’s polling numbers remain cratered.
The Committee for a Responsible Federal Budget, a nonpartisan think tank, said canceling $10k of student debt per borrower would cost a whopping $230bln.
WaPo said, “most of the nation’s 41 million student borrowers stand to benefit.” Though, who exactly benefits?
Goldman Sachs’ Jan Hatzius found canceling the debt would mainly benefit middle- and upper-income households, contrary to the administration’s claims it would help the working poor.
The United States can’t afford to send money to Ukraine without borrowing from China and taking on more debt to finance its obligations, said Sen. Rand Paul (R-Ky.) in a May 18 interview on the Breitbart News Daily Podcast.
On May 16, a bipartisan majority of U.S. senators voted to advance a $40 billion Ukraine aid package over an earlier objection from Paul. The Senate is on track for final consideration of the bill sometime later this week and is expected to pass the legislation.
“I think it’s important to know that we don’t have any money to send. I mean, we have to borrow the money from China to send it to Ukraine,” Paul explained. “And I think most people kind of get that, and many Republicans will say that and understand it when it’s a new social program, but if it’s military aid to a country, they’re like, ‘Well, we can borrow that. That’s a justified borrowing.’”
Currently, the U.S. national debt is inching toward $30.5 trillion, with annual federal spending outpacing annual federal revenue by over $2 trillion. To continue to fund obligations appropriated by Congress, the United States has to take on debt, much of which is purchased by Chinese buyers.
Radical left darling and squad member, Michigan Rep. Rashida Tlaib, took the time yesterday to make a presentation on the House floor about why we should “cancel student loan debt.” The kicker was that she actually used herself as a prime candidate for wiping the slate clean.
The video, posted by The Hill, features Tlaib waxing tragic about how she accumulated student loan debt and was having a hard time paying it off because instead of going into high paying jobs, she was doing the important work of political activism and shouting “impeach the mother f***er” to crowds.
While a good retooling in the educational system and its costs would do our nation well, what Tlaib is asking for is not that all the student loan debt is wiped away. That can’t happen. That money has to come in from somewhere in order to pay the cost.
What she’s asking for is that you pay her bill like some kind of sugar daddy.
She wants to pass the costs off to taxpayers who never agreed to take on the debt in the first place, effectively paying for something she chose to do. It really doesn’t help her case that Tlaib makes far more money than most people in America do thanks to her bloated congressional salary of $175,000 a year. As Jazz Shaw noted in his article about this, that puts Tlaib in the top 8 percent of American households in terms of salary earnings.
So it’s a relatively well-off woman advocating to force you, a taxpayer who statistically makes less than she does, to foot the bill for a degree you didn’t agree for her to have, nor agree to pay for.