Where are we on Biden's student loan forgiveness campaign promise?
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  Where are we on Biden's student loan forgiveness campaign promise?
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Author Topic: Where are we on Biden's student loan forgiveness campaign promise?  (Read 1627 times)
Agonized-Statism
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« on: June 16, 2021, 08:30:49 PM »

Last year, I heard about a proposal for $10,000 in student debt cancellation from candidate Biden. The news on this has been sparse since he took office. Does anyone know what's going on with the broad student loan forgiveness promise? Is anything likely to come of it?

Also, to make this a more economics-related thread, discuss the merits of this proposal.
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MATTROSE94
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« Reply #1 on: June 17, 2021, 06:16:20 AM »

While such a proposal would be great, I do not believe it is Constitutional and would be gutted by the Supreme Court in a 5-4 decision.
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AGA
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« Reply #2 on: June 19, 2021, 07:19:06 AM »

Looking to get some debt relieved, eh?
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Spark
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« Reply #3 on: June 22, 2021, 11:18:09 AM »
« Edited: June 22, 2021, 11:21:29 AM by Southern Senator Spark »

Last year, I heard about a proposal for $10,000 in student debt cancellation from candidate Biden. The news on this has been sparse since he took office. Does anyone know what's going on with the broad student loan forgiveness promise? Is anything likely to come of it?

Also, to make this a more economics-related thread, discuss the merits of this proposal.

He's balked on this proposal because they know it generates a lot of revenue for the federal government. Biden could propose this idea to Congress, and if they don't act on it he should try to cancel at least $10,000 via executive order.

From an economics standpoint, cancelling student debt would encourage consumer spending because i t would help people who are on the margins choosing between paying loans and spending. It is estimated that cancelling student debt will increase yearly GDP by $86 billion.
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Frozen Sky Ever Why
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« Reply #4 on: June 22, 2021, 08:17:40 PM »

The same place as his public option promise, the waste paper basket.
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beesley
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« Reply #5 on: June 24, 2021, 11:16:34 AM »

While such a proposal would be great, I do not believe it is Constitutional and would be gutted by the Supreme Court in a 5-4 decision.

For what reason? Excuse my lack of knowledge.
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World politics is up Schmitt creek
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« Reply #6 on: June 29, 2021, 06:14:11 PM »

While such a proposal would be great, I do not believe it is Constitutional and would be gutted by the Supreme Court in a 5-4 decision.

For what reason? Excuse my lack of knowledge.

MATTROSE is a doomer about the current SCOTUS even beyond what its indisputably hard-right orientation can justify. During the transition he was insisting it would not only rule for Trump's election challenges but institute an integralist clericofascist theocracy for good measure.
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GregTheGreat657
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« Reply #7 on: July 15, 2021, 11:02:24 AM »

He isn't doing it. Let's just hope the SocDems and DemSocs disapprove of Biden's actions here that they vote Green Party in 2024, giving the GOP back the White House.
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Lief 🗽
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« Reply #8 on: July 15, 2021, 11:06:13 AM »

Hopefully going nowhere, it's a terrible idea and would be extremely unpopular.
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YE
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« Reply #9 on: July 15, 2021, 11:54:42 AM »

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LAKISYLVANIA
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« Reply #10 on: July 16, 2021, 11:19:15 AM »

Why are people against this bill?

If everyone can study, there will be more diversity, as minority demographics usually are poorer than whites, but it also gives more opportunities to talented people to become skilled workers later on. I don't see why people would be against this. The right to study is a human right. And since more & more work will be automatized in the future, it's vital that people become skilled workers, as that will be their future, will lower unemployment numbers, will increase the economy, and create a more diverse & broader higher middle class, which is what is going to be essential in the economy of the future.
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Kahane's Grave Is A Gender-Neutral Bathroom
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« Reply #11 on: August 06, 2021, 10:01:52 PM »

Why are people against this bill?

If everyone can study, there will be more diversity, as minority demographics usually are poorer than whites, but it also gives more opportunities to talented people to become skilled workers later on. I don't see why people would be against this. The right to study is a human right. And since more & more work will be automatized in the future, it's vital that people become skilled workers, as that will be their future, will lower unemployment numbers, will increase the economy, and create a more diverse & broader higher middle class, which is what is going to be essential in the economy of the future.

Most Republicans don't support common-sense legislation because they don't look at the end result of economic growth.

For instance, I am a fiscal conservative despite supporting Universal Health Care and student debt cancellation because I look at the numbers and see the economic benefits of doing so.
 
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