NAACP slams Biden over reported student loan debt cancel plan

[SugarDaddy1]

The NAACP slammed reports that the Biden administration is planning to cancel $10,000 in student loan debt, calling the plan inadequate to address the $1.75 trillion in student debt held by Americans.

"If the rumors are true, we've got a problem. And tragically, we’ve experienced this so many times before," NAACP President Derrick Johnson said in a statement on Tuesday. "This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020."

The Biden administration has been discussing several different plans, including eliminating $10,000 per borrower making less than $125,000 a year, the Wall Street Journal reported Tuesday. Such a plan could cost American taxpayers hundreds of billions of dollars on top of the trillions the Biden administration has already spent. An announcement could come as soon as Wednesday.

"The student debt crisis has a disproportionate impact on Black borrowers and their families," the NAACP said as part of its "$50k & Beyond" campaign. "Across all racial groups, Black borrowers hold the most student loan debt despite also being consistently underserved by postsecondary institutions."

https://www.foxnews.com/politics/naacp-slams-biden-reported-student-loan-debt-cancel-plan

 

[SugarDaddy1]

Larry Summers, a prominent economist who served two Democratic presidents, condemned the Biden administration on Monday for considering sweeping student loan forgiveness.

On Monday, CNN reported that Biden is considering forgiving $10,000 of student loan debt per American who earns $125,000 per year or less.

The former treasury secretary made clear he opposes any plan to cancel student loans in sweeping fashion, suggesting a wide-scale forgiveness plan will drive up inflation.

"I hope the Administration does not contribute to inflation macro economically by offering unreasonably generous student loan relief or micro economically by encouraging college tuition increases," Summer said.

https://www.theblaze.com/news/larry-summers-biden-plan-student-loan-debt

 

[Rightguide]

All this bill does is give a hand out to the children of the richest people in America and hand the tax bill that pays for it to ordinary working Americans of less economic fortune.

 

[ll74]

All this bill does is give a hand out to the children of the richest people in America and hand the tax bill that pays for it to ordinary working Americans of less economic fortune.

There is no bill

 

[SugarDaddy1]

It provides the wrong incentives — moral, economic and political. It abuses executive power. It spends a fortune, yet still not enough to satisfy his party’s progressive base. And it does nothing to get to the root of the problem: overpriced higher education.

The decision, expected to be announced Wednesday, is reportedly to eliminate $10,000 in debt for borrowers who make less than $125,000 (and up to $20,000 for Pell Grant recipients). Biden’s been pressured to cancel all student debt; to his credit, he has so far resisted. But it will still cost billions, and Biden reportedly is leaving the door open to further cancellation by irresponsibly refusing to restart repayments that were paused during the pandemic.

If you paid back loans or never incurred them because you sought out cheaper alternatives, your reward is to help people who didn’t think twice about borrowing tens of thousands of dollars to get an English degree.

https://www.star-telegram.com/opinion/ryanjrusak/article264826494.html

 

[BluesDriver66]

Larry Summers, a prominent economist who served two Democratic presidents, condemned the Biden administration on Monday for considering sweeping student loan forgiveness.

On Monday, CNN reported that Biden is considering forgiving $10,000 of student loan debt per American who earns $125,000 per year or less.
https://www.theblaze.com/news/larry-summers-biden-plan-student-loan-debt

An article in The Harvard Crimson in 2003, during Summers's tenure as president, detailed a reportedly "special connection" between Summers and Jeffrey Epstein

Flight records introduced as evidence in the 2021 trial of Epstein associate Ghislaine Maxwell show that Summers flew on Jeffrey Epstein's private plane on at least four occasions, including once in 1998 when Summers was United States Deputy Secretary of the Treasury and at least three times while Harvard president.[58]

https://en.wikipedia.org/wiki/Lawrence_Summers

 

[SugarDaddy1]

Vulnerable House Democrat Rep. Chris Pappas, D-N.H., is not happy with President Biden's announced plan to cancel student loan debt for millions of Americans despite the nation's already soaring national debt.

In a Wednesday statement, Pappas rebuked Biden over the plan to use $300 billion in taxpayer dollars to pay student loan debt, and argued that any debt relief should be handled by Congress, and should not add to the budget deficit.

"We all know the cost of higher education is crushing families, and that’s why I’ve supported expanding Pell Grants, affordable community college, and loan forgiveness for those entering vital professions like nursing," Pappas said in the statement. "But this announcement by President Biden is no way to make policy and sidesteps Congress and our oversight and fiscal responsibilities."

"Any plan to address student debt should go through the legislative process, and it should be more targeted and paid for so it doesn’t add to the deficit," he said. "The President’s plan also doesn’t address the underlying issue of the affordability of higher education, and it is clear that the high cost continues to limit opportunities available to students."

https://www.foxnews.com/politics/vu...den-300-billion-student-loan-forgiveness-plan

 

[BluesDriver66]

Vulnerable House Democrat Rep. Chris Pappas, D-N.H., is not happy with President Biden's announced plan to cancel student loan debt for millions of Americans despite the nation's already soaring national debt.https://www.foxnews.com/politics/vulnerable-house-democrat-rebukes-biden-300-billion-student-loan-forgiveness-plan

Pappas Part of ‘China Spy Scandal’ Congressman’s Activist Group

Pappas declined repeated requests for comment on either Swalwell’s relationship with a Chinese agent or working with him through the Future Forum.

Last week, Pappas was one of just six Democrats who crossed party lines and vote with the GOP against marijuana legalization, which one New Hampshire Black Lives Matter leader called “a vote against racial justice.”

Pappas has also pointedly refused to back Medicare For All and doesn’t support the Green New Deal.

It doesn’t take a Communist Chinese spy to see that Rep. Chris Pappas faces serious political problems.

https://insidesources.com/pappas-part-of-china-spy-scandal-congressmans-activist-group/

 

[KeithD]

There is no bill

Right. Rightguard mouthing off again with little clue what he's talking about. It's not a bill and it very carefully targets those who aren't rich.

That said, I have mixed feelings about it. I wasn't on scholarship for nine years of college and graduate schools and I paid for college for two kids (and graduate school for one of them). A lot of those pressured to go to college now should really have gone to trade schools for more rewarding (including money) lives, and I'd concentrate a lot of the federal loan forgiveness there. A significant amount of money in college tuition now is going to something besides preparing the student for a career society needs, so I think there should be a very limited amount of money from society supporting that. Trade schools and even community colleges, though . . .

 

[BabyBoomer50s]

The head of Obama’s council of economic advisors doesn’t have much nice to say about this. Read the full thread.

https://twitter.com/x/status/1562503985529233410

 

[SugarDaddy1]

An economics professor from Johns Hopkins University said during a Tuesday CNN appearance that President Joe Biden’s plan to forgive student loan debt would make the racial wealth gap wider and make inflation worse.

"The issue is debt cancellation might reduce the racial wealth gap between two rich doctors, a rich black doctor and rich white doctor, but it actually widens the racial wealth gap overall, because disproportionately the people who hold student debt that went to college are white, and the 87% of Americans that didn’t go to college are disproportionately people of color,” Marc Goldwein, who also serves a senior policy director for the Committee for a Responsible Federal Budget, told CNN host Poppy Harlow.

Goldwein also said that Biden’s proposal could add inflationary pressure to the economy, making it harder to control inflation.

“We’re probably going to do more to increase inflation from debt cancellation than any inflation reduction from the Inflation Reduction Act,” Goldwein said.

https://www.dailysignal.com/2022/08...n-effects-of-bidens-student-loan-forgiveness/