Biden faces progressive backlash over refusal to cancel $50,000 in student loans

  

Category:  News & Politics

Via:  texan1211  •  2 weeks ago  •  18 comments

By:   MSN

Biden faces progressive backlash over refusal to cancel $50,000 in student loans
Biden said he's prepared to write off up to $10,000 in debt.

S E E D E D   C O N T E N T



President Joe Biden is facing backlash for rejecting a proposal to cancel $50,000 in student debt and stating point-blank, "I will not make that happen."

During a CNN town hall on Tuesday, an attendee asked Biden about Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren's proposal to cancel up to $50,000 in federal student debt per borrower.

"It depends on whether or not you go to a public university or a private university," Biden said.

The president said doesn't want to forgive the debts of people who attended elite schools such as Harvard and Yale who often go on to make high salaries and added that he would instead prioritize childhood education for disadvantaged communities.

"I'm prepared to write off $10,000 debt, but not 50, because I don't think I have the authority to do it by signing" an executive order, Biden said.

The president further said that families who make less than $125,000 and whose kids go to a state university should attend for free. He also expressed support for repaying debt as a portion of one's salary

However, his comments led to intense criticism.

New York Rep. Alexandria Ocasio-Cortez spoke out against Biden's comments, tweeting, "Who cares what school someone went to?"

She argued generations of working-class kids are "encouraged to go into more debt under the guise of elitism," adding, "This is wrong."

She added that early childhood education doesn't have to come as a trade-off to student loan forgiveness. "We can have both," she said.

Massachusetts Rep. Ayanna Pressley also joined the conversation, claiming Biden does have the authority to cancel student debt "with the stroke of a pen."

"He can and must use it. The people deserve nothing less," she said.

Minnesota Rep. Ilhan Omar similarly called out Biden, saying, "We also need to make college tuition-free so debt is not accumulated moving forward and invest in universal early education. These are not at odds!"

On Wednesday, White House Press Secretary Jen Psaki noted that Biden has previously said that any relief above $10,000 should be targeted based on the borrower's income, the kind of debt in question, whether the school is public or private and if it is for undergraduate or graduate education.

"If Congress moves forward and sends him a package that, you know, provides $10,000 of student debt relief, he'd be eager to sign that," Psaki said.

Schumer and Warren piled on the pressure and issued a joint statement Wednesday, urging Biden to cancel up to $50,000 in debt.

"An ocean of student loan debt is holding back 43 million borrowers and disproportionately weighing down Black and Brown Americans," the statement said.

"Presidents Obama and Trump used their executive authority to cancel student loan debt," the statement continued.

"The Biden administration has said it is reviewing options for cancelling up to $50,000 in student debt by executive action, and we are confident they will agree with the standards Obama and Trump used as well as leading legal experts who have concluded that the administration has broad authority to immediately deliver much-needed relief to millions of Americans."


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Texan1211
PhD Principal
1  seeder  Texan1211    2 weeks ago

Do these folks think that everything should be made free?

 
 
 
zuksam
Sophomore Silent
1.1  zuksam  replied to  Texan1211 @1    one week ago

Well it's not like Biden's going to create any Jobs.

 
 
 
Kathleen
PhD Principal
1.2  Kathleen  replied to  Texan1211 @1    one week ago

What about the people that worked hard to save money for their child’s education? Also the student themselves that worked and put off college to save for it? Also the people that paid off their loans themselves years ago? Doesn’t seem fair to me. If you want a higher education, that is your choice and you should take responsibility to pay for it yourself. 

 
 
 
Texan1211
PhD Principal
1.2.1  seeder  Texan1211  replied to  Kathleen @1.2    one week ago
What about the people that worked hard to save money for their child’s education? Also the student themselves that worked and put off college to save for it? Also the people that paid off their loans themselves years ago? Doesn’t seem fair to me.

Oh, well, just screw them folks!!

If you want a higher education, that is your choice and you should take responsibility to pay for it yourself. 

Precisely. Take some personal responsibility.

 
 
 
Vic Eldred
PhD Principal
2  Vic Eldred    one week ago

Oh boy, he's got AOC on his ass!

 
 
 
Larry Hampton
Professor Guide
3  Larry Hampton    one week ago

Thank God for a president who is committed to a moderate position, even against some in his own party. 
Huh, compromise and negotiations?! Who’d of thunk it!

 
 
 
Texan1211
PhD Principal
3.1  seeder  Texan1211  replied to  Larry Hampton @3    one week ago

Doesn't really sound like the Democrats in the article are very interested in any compromise.

Or negotiations.

The Squad has spoken1

So be it!

 
 
 
Tessylo
PhD Principal
3.2  Tessylo  replied to  Larry Hampton @3    one week ago

I'm cool with it!  

 
 
 
FLYNAVY1
Professor Expert
3.3  FLYNAVY1  replied to  Larry Hampton @3    one week ago

Let the progressives and moderates within the party duke it out to see if they can come up with a number that they can agree upon that they can pass on their own.  We know that Trumpists aren't worth the time to negotiate with, so get to a number that all the dems can get behind and pass it with a 50+VP vote.  Otherwise, move on to the next topic.... Like infrastructure.

 
 
 
Perrie Halpern R.A.
Professor Principal
3.4  Perrie Halpern R.A.  replied to  Larry Hampton @3    one week ago

Exactly Larry. I think that most people will be happy that he is standing his ground on this.

 
 
 
1stwarrior
Professor Expert
4  1stwarrior    one week ago

When did Obama and Trump cancel student debt?  I've still got mine.

 
 
 
charger 383
PhD Quiet
5  charger 383    one week ago

They borrowed the money, got the chance to benefit from the money and need to pay all the money back.  Why should the taxpayer (me) pay for this?

Will Biden pay off $10,000 or $50,000 of debt for me?  or just cancel my taxes this year? 

 
 
 
Tessylo
PhD Principal
5.1  Tessylo  replied to  charger 383 @5    one week ago

Life isn't always fair is it?  I would think any parent wouldn't want their children saddled with debt for many many years.  

 
 
 
Texan1211
PhD Principal
6  seeder  Texan1211    one week ago
Why should the taxpayer (me) pay for this?

We shouldn't.

Will they pay off my mortgage? It takes up a large share of my income!

 
 
 
Snuffy
Sophomore Participates
7  Snuffy    one week ago

Biden should not forgive any student debt IMO. This does nothing to fix the underlying problem and is only a band-aid solution. If student debt is forgiven, I believe colleges will just look at it as another opportunity to raise tuition rates faster as they know even more people will be willing to borrow even more money in the future as the precedent has been set. Washington created the problem when they first got involved. Now the only way for them to truly fix things is to either back out completely (allowing the current crop to flounder and possibly fail) or take the entire process over and own it from kindergarten thru graduate school. 

 
 
 
Transyferous Rex
Freshman Participates
8  Transyferous Rex    one week ago

She argued generations of working-class kids are "encouraged to go into more debt under the guise of elitism," adding, "This is wrong."

Funny, I thought the same thing when Obama was making his big push to expand college access. Apparently, everyone kissing his ass then ignored the elephant in the room. Who is going to pay for all of this access?

 

 
 
 
Kathleen
PhD Principal
9  Kathleen    one week ago

I am glad that he is standing his ground on this issue of $50,000, but still still do not agree with the $10,000 either. 

 
 
 
mocowgirl
Professor Quiet
10  mocowgirl    one week ago

I don't know what to do about the current excessive student debt, but I suspect without a booming economy these "loans" are going to have a detrimental impact on US economy for decades to come as these folks will not be able to afford to buy homes or live much above poverty should they marry and have children.  Do we really need more hungry children and welfare recipients? 

State and community colleges should be free for US residents who pass entrance exams.  I have no issue with a minimal GPA of 2.0 or even 2.5 for free tuition.  Secondary schools should not be used as adult daycare.

Private institutions of higher learning should not be subsidized with taxpayer money.   

The US society and economy will benefit from a well-educated workforce and populace.

A New Study Investigates Why College Tuition Is So Expensive (forbes.com)

Over the past two decades, published college tuition has increased in price more than any other good or service besides hospital care. Tuition inflation has  risen at a faster rate  than the cost of medical services, child care, and housing. While generous financial aid means that students usually pay far less than the “sticker price” of tuition, the  net  price of public four-year colleges has still  more than doubled  since the turn of the century. Moreover, underlying costs at American colleges are the  highest  of any large country in the developed world.

A   new paper   by economist Beth Akers of the Manhattan Institute (my former employer) asks why college tuition is so high and still rising. The proximate causes of tuition inflation are familiar:   administrative bloat , overbuilding of   campus amenities , a model dependent on   high-wage labor , and the   easy availability   of subsidized student loans.

However, the deeper question is why the market has allowed these cost inefficiencies to persist. In most industries, competition brings down the cost of products over time. The   first laptop computer   cost over $5,000 in today’s dollars, but now laptops with far more computing power can be bought for $200. Why hasn’t the same phenomenon occurred in higher education?

Akers explores four potential explanations: students overestimate the return to a degree; colleges are not transparent about their true prices; too few institutions operate in each regional market; and there are significant barriers to entry for new educational providers.
 
 
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