Politics, Progressives, Joe Biden, Student Loan Debt, Biden Administration, Economy

Politics, Progressives

'Good for the economy': Progressives escalate pressure on Biden to cancel student debt

With nearly 45 million individuals receiving a bill each month, Americans now owe about $1.7 trillion in student loans.

10/17/2021 4:13:00 AM

With nearly 45 million individuals receiving a bill each month, Americans now owe about $1.7 trillion in student loans.

With nearly 45 million individuals receiving a bill each month, Americans now owe about $1.7 trillion in student loans.

"Decades ago,Congressvoted to authorize the executive branch to cancel federal student loans. Federal student debt can be canceled with the 'flick of your pen,'" the members wrote in a letter to Biden, adding that"this authority is already being put to use, as it is currently being used to cancel the interest owed on all federally-held student loans.

"Now it is time for you to honor your campaign pledge and use this authority to cancel all student debt."President Joe Biden speaks about supply chain bottlenecks in the East Room the White House October 13, 2021 in Washington, DC.Drew Angerer/Getty Images

Elizabeth Warrenrenewed pressure on the president to"cancel" student debt."Student loan borrowers are teachers, health care workers & other essential workers. Many of them have been carrying the burden of student debt for decades. Helping these borrowers is popular and it's the right thing to do," the Massachusetts Democrat wrote. headtopics.com

"Student debt relief is good for people and good for the economy. [Biden] can and must lift the burden of student debt for 43 million Americans," said Washington Democratic Representative Pramila Jayapal, who is also the chair of the Congressional Progressive Caucus.

Senate Majority LeaderChuck Schumer, a New York Democrat, tweeted:"Today would be a great day for President Biden and Vice President Harris to #CancelStudentDebt."Progressives have been pushing Biden to cancel at least $50,000 in debt with an executive order, which would wipe out the debt burden of 36 million individuals—including about 10 million who have already defaulted—according to data from the Education Department. Biden has previously said he's open to cancel up to $10,000 in student loan debt.

In July, House SpeakerNancy Pelosisaid Biden lacks authority to unilaterally eliminate federal student loan debt."People think that the president of the United States has the power for debt forgiveness," the California Democrat said."He does not. He can postpone, he can delay, but he does not have that power. That has to be an act of Congress."

Supporters argue that forgiving student loan debt would help to alleviate racial and economic inequality. In recent years, proponents have also stressed that the cost of living has been rising at a much faster rate than college salaries.Critics, however, say it's unfair to cancel student loan debt for wealthier borrowers who graduated from elite colleges, such as Harvard and Yale. headtopics.com

In 2019, 10 percent of student loan borrowers were in default, according to data from the National Center for Education Statistics. Black graduates with a bachelor's degree are more likely to default than white dropouts. About 32 percent of Black Americans who went to college 10 years ago have since gone into default.

Biden has already canceled $9.5 billion in student debt for borrowers with disabilities and individuals who were deceived into attending now-defunct colleges. In August, the Department of Education announced a final extension of the pandemic-related pause on student loan repayment, interest, and collections until January 31, 2022.

"It's not enough," Schumer said last month."We need to do more."Newsweekreached out to the White House for comment. Read more: Newsweek »

Jury finds Kyle Rittenhouse not guilty on all counts

A Wisconsin jury found Kyle Rittenhouse not guilty on all counts after the Illinois teenager shot and killed two men and wounded a third at a protest last year.

College students need to work more to pay down the debt, nobody works while in school anymore Maybe they should have gotten a job and worked off the tuition thru each year instead of riding the money train into forseeable debt they wouldn't have been able to repay. They took out those loans. It's their fault.

Less than the amount spent on the war in Afghanistan. We demand safety of Bangladeshi Hindus StopCommunalAttack SaveBangladeshiHindus BangladeshiHinduWantSafety WeDemandSafety WeDemandJustice SaveHindus SaveHinduTemples SaveOurCommunity SaveHumanity And who charged them so much? COLLEGES. WHY IS THERE NO HUGE OUTCRY ABOUT BIG COLLEGE LIKE THERE IS FOR BIG OIL?

Make the deadbeats pay? Let Joe Manchin the Republican President save them. Home loan, student loan, auto loan 1 time forgiveness will be the only way I’d be behind this. Otherwise pay your bills you created If you get a loan, you pay it back. Simple Tell ‘em to sell their Bitcoin and pay!! CancelStudentDebt

Earthquake, Magnitude 3.3 - LUZON, PHILIPPINES - 2021 October 15, 22:53:45 UTCMagnitude: M 3.3, Region: LUZON, PHILIPPINES, Date time: 2021-10-15 22:53:45.0 UTC, Location: 13.61 N ; 123.10 E, Depth: 1 km. This is the 4th felt earthquake in Luzon, Philippines in the last 34 hours

WarnockWarrior POTUS forgot exactly who elected him and why. Honestly …. Enough . You want me and millions of Americans pay for someone else’s education after we already paid for our own. You want me and others to pay for your children’s daycare after we’ve paid for our own or didn’t have children. The democrats of today are exhausting

45 Gifts for Grandparents Who Love to Cook and EatUpgraded coffee gear. Lightweight pots and pans. And some new cookbooks for entertaining inspiration. Subscription to butcher box burger plan!

Student Loan Forgiveness Still AliveWill your student loans get cancelled? Only fans !!! Cal lendistry grant prog wont apprv u cause they want an 1120 form that have all 0's cause u didn't operate as a C Corp switching to an S Corp yet u give em the 1040 operating as a Sole Prop that year. Takin out small biz. Failing. CAgovernor POTUS That's Good ...

Biden signs debt limit hike, but December standoff loomsPresident Joe Biden on Thursday signed into law a bill raising the nation's debt limit until early December, delaying the prospect of an unprecedented federal default that would cause economic disaster. Breaking news? Breaking news would be if he didn’t sign it. 😂 I would like to see the debt go down instead of increasing the ceiling, so much for balancing a budget like we the people have to do! We can’t pay the bills that we have so we raise our limit? I’m not the brightest person in the world but that’s ass backwards. How about you stop spending money you don’t have? How about you quit spending millions of dollars on war machines and other countries infrastructure.Idk

Biden shows plan to address major financial risks posed by climate changeThe Biden administration released its Climate-Related Financial Risk Strategy Report on Friday, in in response to President Joe Biden 's executive order in May. Biden should address the major financial risk created by his presidency. The lib media will not report that Biden is clueless and his progressive agenda is causing havoc. Coming soon bread lines

White House plans to address economic risk of climate changeBiden administration taking steps to address economic risks from climate change, issuing 40-page report on government-wide plans to protect financial, insurance and housing markets and savings of American families. Meanwhile Why aren't you now questioning Schumer about how he will raise the debt ceiling or fail? He's had so much time but has done little. Dont let this become December drama. He has the tools. He should be doing something now.