Monday, March 23, 2020

"House Democrats unveil bill to cancel $30,000 in student debt per borrower amid coronavirus"

As we noted last year when Elizabeth Warren floated the idea:
Monday, June 17, 2019
"Elizabeth Warren to introduce bill cancelling up to $50,000 in student debt for most borrowers"
Oh good grief that is so regressive.
Why would you further advantage those who are already advantaged with a college education?
If you are going to do such a thing give every adult in the country the $50K.
$12 13 trillion and away you go.
Time it for the next recession and call it stimulus.

Here's the Senator Warren story at MarketWatch.....
If one was looking for a way to ignite class warfare there are few ways to do it quicker than giving more to those who already have a leg up on the rest of the population.

From Yahoo Finance:
House Representatives Ayanna Pressley (D-MA) and Ilhan Omar (D-MN) are proposing to cancel student debt with new legislation aimed at helping borrowers adversely affected by the coronavirus, or COVID-19.

The legislation, called the Student Debt Emergency Relief Act, proposes the cancellation of at least $30,000 in outstanding debt, tax-free, and proposes that the Education Department (ED) “immediately assume responsibility” for the monthly payments of borrowers who hold federal loans while suspending involuntary collections or garnishments of wages or federal income tax returns amid the crisis.

“During this unprecedented crisis, no one should have to choose between paying their student loan payment, putting food on the table or keeping themselves and their families safe and healthy,” Rep. Pressley said in a statement. “We must prioritize debt cancellation for the 45 million student loan borrowers who are struggling to pay off their debt during this difficult time.”....