Joe Biden announced today that he will be making a major move in canceling student loan debt for Americans.
Let's enhance the deets:
From The New York Times:
President Biden will announce on Wednesday that he is canceling $10,000 in student loan debt for Americans earning $125,000 or less per year and extending a pause on payments for all borrowers until Dec. 31, capping months of anticipation over a campaign promise to provide economic relief to millions of people, according to four people familiar with the announcement.
Mr. Biden will also announce an additional $10,000 of debt forgiveness for students who received Pell grants in college, focusing the additional aid on people from lower-income backgrounds.
Remember how Pelosi was saying this wasn't gonna happen just a month ago?
U.S. President Joe Biden will announce Wednesday that the government will forgive $10,000 in student loans for many of the country's debt-saddled college-goers, sources say, a move that could boost support for Democrats in midterm elections, but may increase inflation as well.
Canceling the debt will free up hundreds of billions of dollars for new consumer spending, adding a new wrinkle to the country's inflation fight, economists say.
"Adding a wrinkle" is an interesting way to say "completely blow up" when it comes to inflation. In fact, 59% of Americans are worried about how this is going to go sideways in that regard.
Matt Walsh reminds us of the truth about "canceling" student loans.
The administration will extend its pause on student loan repayment through to the end of the year, while also announcing plans to forgive as much as $10,000 in student debt for borrowers whose income falls below $125,000 a year.
It will also cancel up to $20,000 in debt for Pell Grant recipients, some 6 million students from low-income families.
Cutting $10,000 in federal debt for every student would amount to $321 billion of federal student loans and eliminate the entire balance for 11.8 million borrowers, or 31% of them, a New York Federal Reserve study shows.
Some might say this is clearly a move timed to go with the upcoming midterm elections to buy votes.
Here are a few more reactions to the news:
Finally, we come to the hyper-leftist NAACP, which is angry because only canceling $10,000 is racist. 🤡
"If the rumors are true, we've got a problem. And tragically, we've experienced this so many times before. The interstate highway system devastated Black communities," Johnson said, according to The Hill. "Welfare reform tossed poor people of color by the wayside."
"President Biden's decision on student debt cannot become the latest example of a policy that has left Black people – especially Black women – behind," he continued. "This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020."
Here's the logic: Biden promised to cancel student debt. This plan only partially cancels student debt. Even though this means he lied to everyone, it's racist because [checks notes]... black people were lied to as well.
Hey, but the rich, white, woke law professors are excited!!!
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