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OPINION: This article contains commentary which reflects the author’s opinion
Reminder : The purpose of the articles that you will find on this website is to EDUCATE our opinions and not to disinform or grow hate and anger!

Joe Biden extended the Treasury Department’s freeze on the collection of student loans until May 2022 last Wednesday, following pleas from left-wing politicians, furthering their socialist ideas for the country.

Even though Biden cited the COVID-19 pandemic as the reason for his decision to extend the pause, the most left-wing members of the Democratic Party have argued that the president should unilaterally cancel millions of dollars in federally-held student debt because of its negative impact on the working-class and minority groups.

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Under numerous federal legislation, the Education Department may be able to take this step, but federal courts are likely to rule on its constitutionality.

According to several surveys, the majority of student debt is held by upper-middle-class people and families, and holders of doctoral degrees. Although graduate degree holders account for less than a quarter of all borrowers, they account for about half of the $1.6 trillion in student debt carried by Americans.

According to the Brookings Institute, just 6% of borrowers have more than $100,000 in debt.

Private college grads take out an average of $5,500 more than public college graduates, according to US News & World Report. The typical bachelor’s degree holder, on the other hand, earns more than $1.2 million more than the median high school graduate or GED holder throughout the course of their lives. According to a Georgetown University research, the typical graduate degree holder makes $1.6 million more than the median high school graduate throughout the course of their working lives.

Left-wing “Squad” proponents for canceling student loan debt have been the most vociferous in the face of economic statistics. “Student debt is policy violence,” Massachusetts Rep. Ayanna Pressley said in April, saying that being “anti-racist” included resistance to student loans. Biden is being urged by the Democratic Party to cancel $50,000 in student loan debt by “flicking his pen and signing it.”

She said that “teenagers [are] signing up for hundreds of thousands [of dollars] in student debt” in a speech on the House floor, while highlighting her own school debts. According to her, it’s also a “false narrative that student-loan debt is just for the wealthy,” which she called “a preposterous assumption.”

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Sen. Elizabeth Warren vowed to eliminate all student debt owned by families making less than $100,000 per year, and to remove “significant” amounts of debt held by households making more than $250,000 per year, during her 2020 presidential campaign. According to the Census, the average American family earns $67,000 each year.

Additionally, bachelor and graduate degree holders are more likely to vote Democrat than those without degrees. A Pew Research Center study of verified voters indicated that 56 percent of college graduates backed Joe Biden in the 2020 presidential race, while 67 percent of voters with post-graduate degrees supported Biden.

 

 

 

Article Source : WayneDupree.com
OPINION: This article contains commentary which reflects the author’s opinion
Reminder : The purpose of the articles that you will find on this website is to EDUCATE our opinions and not to disinform or grow hate and anger!


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