Democrats Push For Student Debt Forgiveness, Would Cost Taxpayers Millions
Senate Majority Leader Chuck Schumer spoke at a news conference on Capitol Hill in Washington on Thursday, Feb. 4, 2021, about plans to reintroduce a resolution to call on Joe Biden to take executive action to cancel up to $50 thousand in debt for federal student loan borrowers. (AP Photo/Andrew Harnik)
Senate Majority Leader Chuck Schumer (D-N.Y.), Sen. Elizabeth Warren (D-Mass.) and other Democrats on Capitol Hill have proposed legislation aimed at cancelling up to $50,000 in individual student loan debt.
The Biden administration has also planned to cancel student loan debt at a much smaller amount, which is closer to $10,000.
“The president has and continues to support cancelling $10,000 of student loan debt per person as a response to the COVID crisis,” stated White House press secretary Jen Psaki.
The main motivation behind the relief push is a direct response to economic hardship resulting from the coronavirus pandemic. House and Senate Democrats are now pressuring Biden to put a full $50,000 loan forgiveness through with an executive order.
While many are praising the idea of student debt forgiveness at this level, the proposition certainly comes with some caveats.
Concerns have been raised multiple times over whether or not the blanket of student loan forgiveness would just be a bailout for America’s richest group: college graduates. In fact, according to a Brookings Institute study, 58 percent of all student loans are owed by people in the top 40 percent of income earners.
Sen. Elizabeth Warren and Senate Majority Leader Chuck Schumer spoke at a news conference on Capitol Hill in Washington on Thursday, Feb. 4, 2021, about plans to reintroduce a resolution to call on Biden to take executive action to cancel up to $50 thousand in debt for federal student loan borrowers. (AP Photo/Andrew Harnik)
This effort to erase a goal of $1 trillion from the roughly $1.7 trillion in outstanding student loan debt would be a $1 trillion economic relief bill for 45 million student loan borrowers. All the while, roughly 200 million adult American taxpayers would be forced to pick up the tab on their yearly taxes. This would include some who have already paid off their student loans without government assistance.
Regardless, there is still significant disagreement among Democrats pushing this legislation. For instance, Schumer and Warren want to target the forgiveness with income limits and Sen. Bernie Sanders (D-Vt.) wants to eliminate all student debt regardless of income.
In their press conference on Thursday, Schumer and Warren showed they weren’t entirely sure how much this would all cost.
“We do have an estimation, it’s about $1 trillion,” Schumer stated. “No, no, no, it’s about $650 billion.”
The Biden White House is considering forgiving federal student loan debt, which would only account for 30 percent of the total student loan debt nationwide. Questions surround whether or not this would just be a one time forgiveness of loans or if it would forever eliminate repayments on federal student loans.
There has been no talk yet about addressing the sharp rise in college tuition over the last 20 years, which has seen tuition rates across the board raise by nearly 200 percent. For years, experts have suggested large universities with million and billion dollar nontaxable endowments might better contribute to the student debt crisis by paying some of that money towards the financial well-being of their students and alumni.
Regardless, the student debt crisis is a complicated issue with many moving parts. Instant loan forgiveness by itself may not be enough to end the crisis for good and may cost the taxpayer far more than they really want.
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Strictly for Couples T he biggest risk every marriage faces is what I call the retiring time. There is actually no retiring time for marriage as the union directly speaks of itself. But many marriages normally do have certain time in their history when the couples begin to ware away from the other like a baked clod-and-pebble. By this time the parties find it difficult to retrace the path that once brought them together. You may have heard “I don’t think I sought your hands in marriage with clear eyes”. Next, they may say that the other used means on them. It is not always so, even when some people believe that someone could use means as a wooing instrument. Some of the causes of such situations have been discussed in the series 1 through 3. But when someone does not have any of these problems discussed in the series, then it is simply that such a wife needs to make herself look relatively younger that her age to enforce attraction on her husband. To do this one need
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STRICTLY FOR COUPLES … You will know that the man is the head while you are his neck. As such, you direct his focus and make him fixative Our series include the following : * Show him what he looks out for from other women * Teach him like he knows nothing * Learn to play naked games with your husband * Learn to package yourself * Learn to work on your husband M y neighbour had v owed never to let any girl survive as a salesgirl in my shop. This thing has happened for over three times. Each time we brought a new salesgirl, the girl would stay for two or three months; and suddenly she would end her contract with us. In all these, my husband did not know. So, being that the girls usually stole money and other items, the reason for their departure became genuine, thus: they ran away to avoid being punished for their actions. But behind this, the underlying truth is that the girls had been embarrassed by my neighbour who would warn them to leave her loosed husband. Re
T he name Nkalaha is a coinage which stands for a people occupying a geographical land and regional setting in the eastern part of Nigeria. It is a coinage which attempts to explain the direction of movement and adventure of the men who founded the community in the 15th century AD. According to oral sources and some documentation about this community, some of these men were believed to have traveled from Ida, old Benue state of Nigeria to inhabit the land. These men had traveled on different days to locate the place. Onojah who originally founded the land was said to have been in a deep search for a place of safety as he was besieged by a fate that appeared to make him somewhat incompatible with his own people. Nkalaha is one of the communities that make up Ishielu Local Government Area of Ebonyi State. Nkalaha occupied the northern part of Ishielu Local Government Area. She is located through the zip 135.031.000. The community sits on 923.768km 2 . She shares boundaries
The Mystery of Number, “Five” in the Igbo Cosmology. From: Aspects of the Ancient African Metaphysics; Chapter: Seven; Topic: Igbo Geometries and the Metaphysics of Numbers. Author: Onyeji Nnaji. I n the Igbo cosmology, the word Isee is a definite symbolic word as revealed through the Igbo language and culture. A human being has five fingers, five toes. The hands and feet are fundamentals to the survival in life as they are necessary in ensuring that man moves to places where he gets food and grapples on the food to sustain his life. To this view, the rhetoric that binds vocatives in the form of incantation (anchoring on the heart-lock: four ) and the concomitant reprisal in the manner of affirmation that holds the human life bind to his original spiritual person, therefore defining existence and essences are unified by the corresponding echo: Isee!!!!! Therefore it stands that anytime a prayer is said in the Igbo land, the attendants who would want the fulfillment of the
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