VIDEO: Chuck Schumer Wants Biden to “Flick His Pen” to Cancel Student Debt Because of “Racial Inequality”
Despicable Chuck Schumer was joined by Elizabeth Warren and Ayanna Pressley to call for an extension of the student loan payment pause and to cancel $50k in student loan debt. He tries to claim that student debt has “exacerbated” racial inequality. He has no shame…
“We are also continuing to call on President Biden to use his existing legal authority to cancel up to $50,000 of student debt. This pause has actually shown how important canceling student debt is to borrowers and to our economy… ten times over, canceling $50,000 in debt would be even more important and helpful to these folks who are borrowers, to get the economy going, and to deal with the racial inequality which student debt has exacerbated.”
He called on Biden to “flick his pen”:
“All President Biden has to do is flick his pen and sign it. Make America a happier, better, more prosperous place. We’re going to keep fighting until this happens.”
This was a big issue that Senator Liz Warren pushed during the 2020 presidential campaign. Senate Democrats like Schumer and Warren are pressuring Biden to cancel up to $50,000 in student debt through an executive order because they lack the Republican votes to pass the measure.
No word on what the people who worked hard to pay off their student debt would receive.
And once again… Without giving any details, race is introduced into a subject by pointing out that “students of color” struggle more than others to pay back student loans:
Over 40 million people in the U.S. are estimated to have student loan debt. The Federal Reserve estimates that in the third quarter of 2020, Americans owed more than $1.7 trillion in student loans. Studies show that students of color are more likely to take on student debt and disproportionately struggle to pay it back.
Racial Inequality is being used to push for canceling student debt using taxpayer dollars:
Economic scholars and spokespersons for key consumer advocacy organizations such as the Center for Responsible Lending and Education Trust have called for broad student loan forgiveness as a mechanism for addressing inequality. “To alleviate the black student debt crisis, we must provide relief to the borrowers who are currently struggling under the weight of their student debt, ensure real accountability for for-profit institutions, and support historically black colleges and universities in their mission of educating black students,” said Ashley Harrington, senior policy counsel at the Center for Responsible Lending said in an interview with The Washington Post last year.
Should taxpayers foot the bill for people who made the decision to have student debt? What about the people who paid their debt back?