“It’s not official” but, it looks like President Joe Biden will cancel $10,000 of student loan debt per borrower with an income of less than $150,000 individually, $300,000 married filing jointly:
It’s not official till it’s official, but senior Biden officials tell @tylerpager & me the current plan is for Biden to cancel 10K in student debt per borrowerhttps://t.co/YWTBywoPcb
— Jeff Stein (@JStein_WaPo) May 27, 2022
From the Washington Post:
The White House’s latest plans called for limiting debt forgiveness to Americans who earned less than $150,000 in the previous year, or less than $300,000 for married couples filing jointly, two of the people said. It was unclear whether the administration will simultaneously require interest and payments to resume at the end of August, when the current pause is scheduled to lapse.
Total cost? $230 billion:
Wiping out $10,000 of debt per borrower could cost roughly $230 billion, according to estimates by the Committee for a Responsible Federal Budget, a nonpartisan think tank.
But this isn’t enough for many liberal activists:
The average student loan debt is over $37k
They're going to try to get away with doing as little as possible, then get offended when it doesn't translate into approval bumps
$10k doesn't address the problem https://t.co/pHKYKArzBY
— Michael Sainato (@msainat1) May 27, 2022
This list of angry libs includes Rep. Alexandria Ocasio-Cortez who tweeted:
“$10k means tested forgiveness is just enough to anger the people against it *and* the people who need forgiveness the most. $10k relieves most the people who owe the least. What relief is there for the most desperate? For them, interest will undo that 10k fast. We can do better.”
$10k means tested forgiveness is just enough to anger the people against it *and* the people who need forgiveness the most.
$10k relieves most the people who owe the least. What relief is there for the most desperate? For them, interest will undo that 10k fast. We can do better. https://t.co/HhfWbeCf0v
— Alexandria Ocasio-Cortez (@AOC) May 27, 2022
Wait, she’s angry at the means-testing level of ~ checks notes ~ $150,000?
Looks like AOC is mad that only poor people will get debt relief, and most of her rich friends who don’t want to pay, want free money, will be left out. https://t.co/Tm59B8uKRW
— Cernovich (@Cernovich) May 27, 2022
.@DerrickNAACP on reports Biden will cancel $10K in student debt: "President Biden, canceling $10,000 in student loan debt is like pouring a bucket of ice water on a forest fire." pic.twitter.com/CzJNugwBGS
— Ayelet Sheffey (@arsheffey) May 27, 2022
This really is “amazing.” Nothing is good enough!
Amazing for the Biden admin to come up with an illegal scheme for student loan forgiveness (which will piss off a ton of regular voters and is terrible policy for multiple reasons) only for the extremists he was trying to appease to still be mad he didn’t go further. https://t.co/iCvtmh4tZI
— AG (@AGHamilton29) May 27, 2022
Here’s the counteroffer, Sandy. Zero:
How about $0? https://t.co/cJeoIq1U8Y
— Rachael Larimore (@RachaelBL) May 27, 2022
Nope, it never is:
Never enough. https://t.co/xVqcbHH8PA
— Chad Felix Greene 🏳️🌈 (@chadfelixg) May 27, 2022
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