Politics

Warren, Far-Left ‘Squad’ Want To Saddle You With New $1 Trillion+ Student Loan Cancellation

Senator Elizabeth Warren, along with the far-left, are pushing Biden to cancel student debt, saddling taxpayers with a $1 trillion plus bill.

Image Credit: Screenshot, CNN

Senator Elizabeth Warren, along with members of the far-left ‘Squad’ in Congress, are making a serious push to cancel student loan debt.

According to U.S. News and World Report, student loan debt reached $1.6 trillion in 2019.

Warren: “The Single Biggest Stimulus”

Speaking at a New York Times summit, Senator Warren urged Joe Biden, who the media claims has the won the presidential election, to cancel student debt, saying it would be the “single biggest stimulus” to help the economy grow post-coronavirus.

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“For me it is a mandate to Joe Biden and Kamala Harris to do the things we can do, to cancel student loan debt for tens of millions of Americans, [the] single biggest stimulus we could add to the economy,” Warren said.

Senator Chuck Schumer said this week that he had been working with Warren to push forward a plan to cancel the first $50,000 of debt for every American, which they say could be done by Biden through executive action, “as opposed to legislation.”

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Warren suggested in a tweet that student debt was a racial issue, stating that “cancelling student loan debt will build black and brown wealth and help close the racial wealth gap.”

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She is joined in her plan by members of the far-left “Squad,” like Alexandria Ocasio-Cortez and Ilhan Omar, along with other members of Congress.

A popular line of argument is that, since the US government happily bails out large corporations at huge taxpayer expense, they should also bailout student loan debtors.

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Serious Criticism From Economists

However, the plan has serious critics, from not only commentators on the right, but economists as well.

Adam Looney, an economist at the Brookings Institute, said that student debt forgiveness is “not a great form of stimulus,” as the biggest gainers of this would be from higher incomes.

Economists argue that lower earners tend to stimulate the economy more with more spending, as opposed to saving, and that if you have a degree, you would be therefore more likely to get a higher paying job.

Total student debt forgiveness would reach a whopping $1.56 trillion.

As NPR points out, various plans from Warren, Bernie Sanders, and others, would all cost the government well over $1 trillion. The government is funded, of course, by taxpayers.

The debt doesn’t go away, as it has to be paid by someone.

Like, say, workers who didn’t go to college.

For his part, Biden said he’s looking to forgive some student loan debt straight away if he takes office, albeit the first $10,000, rather than the $50,000 that Warren and Schumer suggested in their plan.

Ironically, Breitbart’s Joel Pollak noted that Joe Biden was responsible for supporting the law that stopped student loan debt being forgiven when declaring bankruptcy.

This piece originally appeared in ThePoliticalInsider.com and is used by permission.

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