Correction, Please!
Seeking to Aid Their Educated Elite, Democrats Push Massive Cancellation of Student Debt
Biden’s first 100 days: Senators Elizabeth Warren (left) and Chuck Schumer (center) want Biden to write off as much as $50,000 in student debt for each student, though such inflationary spending will raise the cost of products across the country, hurting the poor. (Photo credit: AP Images)
Item: “Even before taking office, President-elect Joe Biden is already facing a political storm among his ideologically diverse base of supporters over the volatile issue of student-debt forgiveness,” reported Time for December 13. “Roughly 45 million Americans currently hold $1.6 trillion in student debt, with the average student-loan recipient owing between $20,000 and $25,000, according to the Federal Reserve.”
Progressives, noted the magazine, “say that student-debt forgiveness could be a boon for the economy.”
Item: Senate Minority Leader Schumer “continues to put pressure on President-elect Joe Biden to forgive up to $50,000 in student debt per borrower on the first day of his presidency,” said CNBC on December 7. Speaking from his Midtown Manhattan office, Schumer said: “We have come to the conclusion that President Biden can undo this debt, can forgive $50,000 of debt the first day he becomes president. You don’t need Congress; All you need is the flick of a pen.”
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