Sen. Elizabeth Warren (D-MA) has begun urging Old Uncle Joe to just unilaterally cancel $50,000 in student loans for each and every borrower in the interest of what she calls racial justice.
In the past week, the top democratic lawmakers have debated back and forth over whether Uncle Joe even has the power to forgive any student loan debt. This past Tuesday in a press conference alongside Warren, Senate Majority Leader Chuck Schumer (D-NY) stated that “all President Biden has to do is flick his pen” in order to be “helpful to these folks who are borrowers, to get the economy going, and to deal with the racial inequality which student debt has exacerbated.”
This past Wednesday, whoever, House Speaker Nancy Pelosi (D-CA) put forth her public disagreement with Schumer, going on to say that the cancelling of any student loan debt could “be an act of Congress.”
Additionally, she went on the reject the entire premise that the forgiveness of any student loans could be a beneficial policy, which is entirely a rebuke of current progressive orthodoxy that was so prominent in earning her a place on the Twitter page “Accidentally Libertarian.”
“Suppose” she began, “your child at this time does not want to go to college, but you’re paying taxes to forgive someone else’s obligation. You may not be happy about that.”
As part of an interview with CNN anchor Don Lemon, Warren issued her counterargument again Pelosi’s statements.
“The President does have the power to cancel student loan debt,” she argued. “And you know how I know that? Because President Obama did it, President Trump did it, and President Biden has already done it. President Obama did it for several million people. President Trump did it when he said ‘For all 43 million people without standing student loan debt, I forgive your interest and you can spend payments.’ That’s canceling your interest — not delay it, cancel it.”
“And President Biden has done both of those things,” she stated. “So Presidents have the power, they have used the power — I just want to see him use that power to cancel $50,000 in student loan debt.”
“And I’ll tell you why: it’s because of the people who need that debt canceled. 40% of the folks who are carrying student loan debt don’t have a college diploma. They tried, but life caught up with them. They had babies or someone in the family got sick. They were working three jobs — and now, they’re earning what a high school grad earns, but they are paying on college loans.”
Warren went on to state that the policy is just an “economic justice issue” and also a “racial justice issue.”
“African-Americans borrow more money to go to school, more money while they’re in school, and have a harder time paying it off when they get out of school,” she claimed. “Canceling $50,000 of student loan debt would help close the black-white wealth gap for people with student loan debt by twenty-five points. And for Latinos, by twenty-seven points.”