Joe Biden says he’s not going to cut $ 50,000 in student loans – and the left isn’t happy
President Joe Biden disagrees with a Senate Democratic plan to legislate up to $ 50,000 in student loans for every American, and says he doesn’t think he has the authority to do so.
Progressive lawmakers don’t think that’s a good answer.
In response to a question about getting rid of that level of debt in a town hall on Tuesday night, Biden said he “won’t make it,” adding that the money used to cancel debts for students who went to elite universities, would be better placed for early childhood education.
“I’m ready to write off a $ 10,000 debt, but not $ 50,000,” Biden said. “Because I don’t think I have the authority to do this by signing the pen.”
But high-ranking left politicians almost immediately retaliated his claims, either directly or indirectly.
In particular, MP Alexandria Ocasio-Cortez disagreed with the president’s argument that debt relief would divert resources away from other educational issues.
“Who cares which school someone went to? Generations of working class children have been encouraged to go into debt even more under the guise of elitism. That’s wrong, “she wrote on Twitter, adding that” nowhere does it say we have to trade early childhood education for student loan forgiveness. “
“The case against the granting of student loans looks shakier from day to day,” she wrote in a follow-up tweet. “Biden is holding back, but many of the arguments against it just don’t hold up on closer inspection.”
Massachusetts MP Ayanna Pressley posted a video on Twitter after Biden’s comments, showing Eileen Connor, the litigation leader at Harvard Law School’s Project on Predatory Lending, that the president has the authority to charge US $ 50,000 for every American – Dollars to pay off student loan debt. “Is president @Joe Biden do you have the authority to cancel student debt with the stroke of a pen? ”Pressley wrote. “Yes sir.”
She also shared a link too an article from NBC News citing a poll that shows 40 percent of registered black voters would consider not voting in the next election without handling student loan debt. This post was then retweeted by Representative Ilhan Omar of Minnesota, another member of the squad calling for student debt relief.
“#CancelStudentDebt,” Pressley tweeted. “All of it.”
Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren, a former rival of Biden for the Democratic presidential nomination, have publicly stated for months that Biden has the authority to cut up to $ 50,000 in student loans for any American with federal student loans.
“With the stroke of a pen on the first day, the Biden-Harris administration can correct this mistake,” the couple wrote in a December comment for news and culture site Blavity, citing statistics showing how widespread debt relief is possible helping the racial Closing the prosperity gap. “You can take us one step closer to repairing a deeply broken university system.”
Schumer and Warren’s offices did not immediately respond to VICE News’ requests for comment.
The average college graduate in 2019 had student debt close to $ 30,000, according to data compiled by Student Loan Hero, a student loan service company. It’s not just debt from elite private universities – the average public university graduate in 2019 had college debt totaling more than $ 25,000.
Warren and Schumer’s plan would eliminate federal debt for 80% of borrowers, or 36 million people, according to CNBC.
Despite his disagreement with progressive Democrats over how much debt to cancel, Biden has
went on to advertise other educational issues at his town hall, including free community colleges for all and public universities for those earning less than $ 125,000.
“I understand the effects of debt, and it can be debilitating,” said Biden.