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Higher and higher: America's student debt problem

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Progressives are calling on President-elect Joe Biden and his Education Department to cancel student debt. More than nonprofit and community organizations on Wednesday sent a letter to President-elect Joe Biden and Vice President-elect Kamala Harris, urging them to "use executive authority to cancel federal student debt on day one of their administration. As Common Dreams has reported, pressure is mounting on Biden to immediately cancel student loan debt upon taking office in January, a move that is within his power and that progressives say is a sure-fire way to improve working people's lives amid a crushing economic crisis. Elizabeth Warren D-Mass. Lee Carter, a democratic socialist representative in the Virginia state legislature, tweeted that Biden's means-tested approach to student loan debt forgiveness "shows how the right wing of the Dems water[s] down good policy goals to where almost nobody is affected, but they can still claim victory. Student Debt At The Usa.

Political pressure is mounting for president-elect Joe Biden to use executive authority to cancel federal student debt as a form of economic stimulus, a proposal that is exposing sharp divisions among economists, consumer activists and policy wonks. On Wednesday, nonprofit and community organizations — including the NAACP and American Federation of Teachers — urged Biden to take action on loan forgiveness on his first day in office.

In a letter to Biden and vice president-elect Kamala D. Harris, the groups argue that using administrative debt cancellation will advance his campaign priorities of economic recovery, pandemic relief and racial equity.

Mass loan forgiveness is a mediocre solution to a complex problem. Its time may have come anyway.

To minimize the harm to the next generation and help narrow the racial and gender wealth gaps, bold and immediate action is needed. But he stopped short of committing to using his executive power. Biden is being pushed by some Democratic leaders to adopt a proposal from Sens.

Charles E. Studejt

Schumer D-N. After months of watching debt cancellation proposals pared down as congressional Democrats try to broker a second round of stimulus with Republicans, progressives say executive action is the best route. But while progressives coalesce around some form of debt cancellation, the matter is far from settled among centrists AAt some higher- education experts. Tensions erupted over the weekend after Jason Furman, a former chief economist to President Barack Obama, tweeted that any debt relief would be subject to taxation, undermining the benefit to borrowers and ultimately the economy.

Biden could forgive a chunk of student debt without any help from Congress.

But some tax policy experts, including Georgetown University Law professor John Brookscontend that if the debt forgiveness is due to the coronavirus, it would be treated as a disaster relief payment that is not subject to taxation. Furman later said that regardless of the tax treatment, student debt relief would still produce nominal economic stimulus.

I see very little Student Debt At The Usa help from it. But opponents of cancellation, including American Enterprise Institute fellow Jason Delisle, say it would unfairly and disproportionately benefit high-income borrowers, who tend to hold the largest amount of debt from graduate programs. Critics of this argument say it ignores the racial complexities of education debt. Racial wealth disparities have resulted in Black students borrowing at higher levels throughout their education and struggling more than others to repay their loans. Columbia University professor Judith Scott-Clayton notes that nearly Student Debt At The Usa of Black borrowers were experiencing defaults within 12 years of starting college before the pandemic. Forgiveness of some form could address that inequity, as well as the concentrated defaults among borrowers with small amounts of debt, experts say.

The pressure for Biden to act on debt forgiveness will only mount as the pandemic continues to spawn economic uncertainty and strain the household budgets of millions of Americans. Danielle Douglas-Gabriel 1 day ago.

Biden could increase the federal minimum wage for contractors to $15 an hour.

European stocks rise as investors weigh up virus updates. Calls for Biden to cancel student debt grow, alongside tensions surrounding the policy. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. Found the story interesting?

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