OPINION: Biden is taking flak for not forgiving multiples more in student debt. Bernie Sanders wants Biden to vaporize all $1.6 trillion with a stroke of his presidential pen. Biden should plug his ears to such pleas, writes Rich Barlow.
tries to smear intellectual polish on the go-big-on-forgiveness brass by urging that we focus on students’as opposed to their income. This allegedly makes vast forgiveness progressive, since “people from wealthy backgrounds rarely use student loans to pay for college.
Measured realistically, Brookings says, the wealthiest 20% of households bear almost one-third of all student debt. The poorest 20% of households hold just 8%. Indeed, the pursuit ofaccounts for most debt: MBA, J.D., M.D., B.A. in business, and B.S. in nursing. Few with these credentials clip coupons.
[Biden's] $10,000 forgiveness would unburden most of the hardest-luck borrowers: the poor and those who dropped out of college ...says Roosevelt’s indefatigable analysts, but middle-class and high-income Black households in particular “have sought social mobility through higher education and seen income returns — but continue to be weighed down by debt. Student debt cancellation could be considered a form of racial reparations ...
One would be that free-tuition idea, since “Black Americans are much less likely to have the opportunity to go to college in the first place,” Brookings notes. Another would be improving
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden Order Will Boost Heat Pumps and Building InsulationInvoking the Defense Production Act could help reshape the economics around building decarbonization
Read more »
Biden Invokes Defense Production Act To Accelerate Clean Energy For AmericaPresident Biden has invoked the Defense Production Act to accelerate the transition to clean energy in America.
Read more »
Newt Gingrich labels Biden the second-worst president in American historyNewt Gingrich criticized the White House as 'out of touch' with how dangerous and expensive the country has become, and labeled Biden the second-worst president in history.
Read more »
How Much Money It Takes to Be Rich in DenverThe income needed in Denver is higher than in Los Angeles.
Read more »
Biden to meet with senator on gun control legislationAfter 2 weeks of avoiding direct negotiations following the mass shooting an Uvalde, Texas elementary school, President Joe Biden is meeting with Sen. Chris Murphy, a Democrat who is leading conversations with Republicans on a bipartisan gun control bill.
Read more »