Great news from Senate Minority Leader Chuck Schumer, who’s apparently spoken to Joe Biden about student debt forgiveness:
JUST IN: Sen. Chuck Schumer: President-elect Joe Biden is "considering" forgiving $50,000 in federal student loan debt for all borrowers. pic.twitter.com/KS4WNgAb79
— The Hill (@thehill) December 7, 2020
Well, not all borrowers … as Schumer emphasizes, “if your income is above $125,000, it doesn’t affect you.”
The thing is, it does affect people whose income is above $125,000 because some of that income will have to go toward paying off other people’s student loans. But higher-income Americans with student loan debt would actually fare pretty well anyway, because poorer ones are less likely to have gone to college. And poorer working-class Americans will also be on the hook for helping to foot the bill that will fund student debt forgiveness.
How is that “good for everybody,” Chuck?
Once again, Gov't plans to punish hardworking, responsible taxpayers with yet another big hand-out to benefit mostly the wealthy.
— Soquel by the Creek (@SoquelCreek) December 7, 2020
What Schumer refuses to acknowledge is that the federal government’s involvement in higher education financing is a huge part of why student debt is so astronomically high.
Let me go buy a few houses and we can do mortgage relief next!
— Zach to Square One (@ZZ_Fancy) December 7, 2020
Will I get back what I paid in my student loans?
— Teri Simmons (@tesimmons74) December 7, 2020
Does that include people who've already paid off their loans? And the people taking out loans RIGHT NOW in college? https://t.co/V93dVix1x0
— RBe (@RBPundit) December 7, 2020
yea ok. 🤷🏾♂️mayb i shouldn't have paid mine off.
— DocMello267 (@MelloMD90) December 7, 2020
Do I get my money back? Who’s paying for this?
— Josh (@jbald34) December 7, 2020
We’re all paying for it. Even the ones who think they’re not.
People really are bitter about this https://t.co/pm2oHkEIxl
— Rusty 🌸 (@Madesonee_) December 7, 2020
As well they should be.
Because from where we’re sitting, this isn’t “good for everybody.” Not by a long shot.
Something for all the lefties cheering Schumer and Biden over this to keep in mind:
GP Let's assume arguendo Biden can unilaterally forgive $50,000 of student loan debt.
Biden can't change the tax code unilaterally and the forgiven debt will be taxable income. https://t.co/tzLloClG4y
— The Gormogons (@Gormogons) December 7, 2020
This won’t be good for everybody. But you can bet it’ll be good for the federal government’s pockets.