Sen. Minority Leader Chuck Schumer urged President-elect Joe Biden to bypass Congress and cancel billions of dollars in student loan debt, arguing it should be part of a broader FDR-style agenda implemented during his first 100 days in the White House.
Schumer’s call harkens back to a plan that he laid out earlier this year alongside Democrat Sen. Elizabeth Warren, under which the president could use executive authority to immediately cancel up to $50,000 of student debt per borrower.
Biden has called for forgiving $10,000 in student loan debt as part of a broader coronavirus relief package.
“Getting rid of student debt,” Schumer said during an interview with The Ink. “I have a proposal with Elizabeth Warren that the first $50,000 of debt be vanquished, and we believe that Joe Biden can do that with the pen as opposed to legislation.”
Outstanding student loan debt has doubled over the past decade, arguably as a result of Federal student loan guarantees and the fact that student loan debt cannot be discharged if a borrower files for personal bankruptcy.
WIBC host Tony Katz:
“When you talk about canceling student loan debt with the stroke of a pen and offering college for free, it’s not free. It’s on my dime and the dime of the American taxpayer. Do you want to do that? Fine, I get a say in what they decide to major in, which means they might not be able to major in gender studies.
“Second, who decided the President of the United States has the freedom to cancel student loan debt with the stroke of a pen? That debt comes from somewhere. You made a personal choice to go to college and to take on student loan debt. No one told you you have to go to college to get a job, and if they did, they’re lying to you.”
Click the link below to hear Tony’s full commentary.