Joe Biden is at it again with the spending. This time his administration is looking into the legal authority to cancel student debt. Biden’s Chief of Staff Ron Klain said that the Education Secretary is preparing a memo about Biden’s legal authority to cancel student debt.
Klain was recently interviewed by Politico saying that the memo on Biden’s legal authority could be ready in a few weeks:
“He’ll look at that legal authority; he’ll look at the policy issues around that, and then he’ll make a decision. He hasn’t made a decision on that either way. In fact, he hasn’t yet gotten the memos that he needs to start to focus on that decision.”
This was a big issue that Senator Liz Warren pushed during the 2020 presidential campaign. Senate Democrats like Schumer and Warren are pressuring Biden to cancel up to $50,000 in student debt through an executive order because they lack the Republican votes to pass the measure.
No word on what the people who worked hard to pay off their student debt would receive.
And once again… Without giving any details, race is introduced into a subject by pointing out that “students of color” struggle more than others to pay back student loans:
Over 40 million people in the U.S. are estimated to have student loan debt. The Federal Reserve estimates that in the third quarter of 2020, Americans owed more than $1.7 trillion in student loans. Studies show that students of color are more likely to take on student debt and disproportionately struggle to pay it back.
Racial Inequality is being used to push for canceling student debt using taxpayer dollars:
Economic scholars and spokespersons for key consumer advocacy organizations such as the Center for Responsible Lending and Education Trust have called for broad student loan forgiveness as a mechanism for addressing inequality. “To alleviate the black student debt crisis, we must provide relief to the borrowers who are currently struggling under the weight of their student debt, ensure real accountability for for-profit institutions, and support historically black colleges and universities in their mission of educating black students,” said Ashley Harrington, senior policy counsel at the Center for Responsible Lending said in an interview with The Washington Post last year.
Should American taxpayers be forced to pay off someone’s student debt? We say no!