The pandemic has become an excuse for progressives to impose policies they otherwise couldn’t—from new entitlements to a ban on rental evictions. The latest act of executive hubris came late Friday when President Biden extended student loan forbearance through January.
Congress in March 2020 relieved borrowers from making payments on federal student loans and waived interest accumulation through last September. Like other “temporary” pandemic programs, the student loan reprieve has been repeatedly extended, first by President Trump and then Mr. Biden, even as the labor market has strengthened.
Forbearance was supposed to expire at the end of September, but Education Secretary Miguel Cardona says a four-month extension is necessary to give borrowers “the time they need to plan for a restart.” Pardon? They have the next two months to plan. Most don’t need that. The unemployment rate among bachelor’s degree recipients was 3.1% in July.
Borrowers haven’t had to show they’ve been hurt by the pandemic to receive forbearance, and nearly 90% of the 43 million student borrowers as of March 2021 weren’t making payments. Forbearance is saving borrowers on average $400 per month, which many are using to invest or pay down higher-interest debt.
As a student loan adviser told the Journal last month: “I’m seeing them say, ‘I’m going to take out more loans now and go buy GameStop stock with it because it’s going to get forgiven anyway,’ which always gives me anxiety.” You can see how they might get that idea as the same politicians who promoted more student debt now claim the government has a moral obligation to cancel it.
opinion If the government can give huge tax cuts to the wealthy where some don't pay anything, then they can give student loan forgiveness to the lower and middle-class.
opinion Every now and then you make sense opinion
opinion Incentivize the borrowing of money. Good idea?
opinion How much corporate tax cut has costed American taxpayers?
opinion If we can spend trillions in Afghanistan for no fucking reason, we can cancel student loan debt. I know doctors with half a million dollars in student loan debt btw that would love to have those loans cancelled so this isn't strictly a socioeconomic class issue either.
opinion Which tax payers?
opinion BREAKING NEWS A person close to the source who chose to speak to us on condition of anonymity says 'The Democrats are proposing mortgage cancelation.'
opinion Cost misused word...economy circular. What appears as a cost frees up earnings for spending closer to home. So long as wealth remains in the DOMESTIC economy there is NO loss. Same with taxes policy move money from billionsires to working poor
opinion good luck
opinion 모든 당위성이 어린 학생이 들어도 간단한 문서화로 그 처리가 대다수 국민의 행복을 말할 때 그게 모두의 선택이 죄죠.
opinion The fact that dumbass politicians won't support it, doesn't mean cancellation is wrong
opinion And!!!!
opinion
opinion The Democratic Party = abdication of personal responsibility = give money away to buy as many votes as possible = the eventual relegation of America to second class status. What a joke.
opinion
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