There’s a top priority with Democrats that doesn’t make any logical sense.
And it would cause huge problems.
Chuck Schumer is pushing one scheme that’s absolutely insane.
Democratic Sens. Chuck Schumer of New York and Elizabeth Warren of Massachusetts had a press conference with radical leftist Rep. Ayanna Pressley.
During the press conference they called on President Joe Biden to cancel federal student loan payments.
Schumer asked Biden continue the federal pause on debt payments, calling it “essential relief to borrowers and their families during this economic and public health crisis.”
He then argued that it is “unfair” and “cruel” to make people who chose to take on the debt repay it.
Schumer requested that Biden forgive tens of thousands of dollars of student loan debt for each borrower.
“We are also continuing to call on President Biden to use his existing legal authority to cancel up to $50,000 of student debt,” Schumer stated. “This pause has actually shown how important canceling student debt is to borrowers and to our economy.”
Schumer then claimed that student debt has “exacerbated” “racial inequality” and suggested that it was needed to deal with “decades of economic injustice and racial inequality.”
“The president can cancel $50,000 in student loan debt. He can wipe out all debt for about 36 million Americans, that’s 85% of borrowers and make life a whole lot easier for the remaining 15%,” Warren added.
In a town hall in February Biden toyed with idea of loan forgiveness but he didn’t want to take it as far as Schumer.
“I am prepared to write off the $10,000 debt but not fifty because I don’t think I have the authority to do it,” the president stated at the time, according to The Daily Wire.
However, Schumer said Tuesday that “All President Biden has to do is flick his pen and sign it.”
Even House Speaker Nancy Pelosi doesn’t believe that Biden can just forgive student loans.
“People think that the president of the United States has the power for debt forgiveness. He does not,” Pelosi said at her weekly news briefing on Wednesday. “He can postpone, he can delay, but he does not have that power.”
Many have theorized that it is the government meddling in student loan debt that led to the inflation of college prices in the first place.
According to a study done by David Lucca, Taylor Nadauld, and Karen Shen who analyzed the increasing availability of federal aid to undergraduates between 2008 and 2010, under Barack Obama, colleges used the increase in aid to raise their prices.
The authors found every $3 increase in such loans, colleges and universities raised their tuition by $2.
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