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9Local politics, the county, and the world, as viewed by Tammy Maygra Tammy’s views are her own, and do not necessarily reflect the views of Bill Eagle, his pastor, Tammy’s neighbors, Wayne Mayo, Betsy Johnson, Brad Witt, Former President Trump, Henry Heimuller, Joe Biden, Pat Robertson, Ted Cruz, Joe Biden’s dogs, or Claudia Eagle’s Cats. This Tammy’s Take (with the exception of this disclaimer) is not paid for or written by, or even reviewed by anyone but Tammy and she refuses to be bullied by anyone. See Bill’s Standard Disclaimer
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Student Loan Forgiveness
President Biden's announcement to forgive up to $10,000 in federal student loan debt and up to $20,000 for Pell Grant recipients has ignited enthusiasm from progressive Democrats lawmakers. But the plan's high cost has put some moderate Democratic candidates on edge.
The Wednesday announcement builds on the momentum from Biden's summer successes of passing major legislation on climate, health care and veterans’ benefits. And it comes just a few months before the midterm elections — at a time when Biden's approval rating has been hovering around 38%, though according to polling from Gallup in the days just before the announcement, he's enjoying an uptick to 44%, his highest in a year.
The move impacts 43 million borrowers, and particularly targets Black borrowers, who, on average, need to take out more loans to pay for higher education, and take longer to pay it back compared to their white counterparts. Overall, it's a politically popular decision.
"Democrats needed this win, people who deliver policy will win the day. We're months away and Biden is building momentum at the right time for fall elections.
Republicans immediately spoke out against student debt forgiveness after Biden's announcement. "President Biden's student loan socialism is a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path or volunteered to serve in our Armed Forces in order to avoid taking on debt.
Biden has said to Republicans that he won't apologize for taking steps to help middle- and lower-income Americans. And the White House further pushed their stance with a viral tweet thread posted Thursday night, targeting Republican lawmakers who took out Paycheck Protection Program (PPP) loans from earlier in the pandemic.
Those loans, though, were not designed to be paid back. But the skepticism isn't just coming from the GOP. Moderate Democrats, particularly those in tight Senate races this year, have also expressed concerns.
Ohio Senate candidate Rep. Tim Ryan, a Democrat, said Wednesday that the plan sends the "wrong message" to Ohioans who don't have a college degree. Ryan is up against Trump-backed Republican J.D. Vance in one of the tightest Senate races in the country.
As a democrat here in Columbia County, Many People who I have had this conversation with on and off are working and trying to get by feel they are getting screwed.
I can't say I blame them. Another concern is the sheer cost of forgiving student debt. Estimates from the University of Pennsylvania show the plan could cost around $1 trillion.
Colorado Sen. Michael Bennet, who is up for reelection, said Wednesday that the White House should have laid out a more targeted plan, and a way to pay for it. In agree, how about collecting taxes from the rich and corporations.
Novel thought. "While immediate relief to families is important, one-time debt cancellation does not solve the underlying problem," Bennet said. "Moving forward, we need to reform the system that got us here in the first place with solutions to bring down the absurd cost of college. ... And we need to continue our work to build career pathways to economic security for every American, including those who choose not to pursue a two or four-year degree."
I agree!!! Bennet's opponent, Joe O'Dea, wrote in an email to supporters: "Joe Biden's student loan forgiveness scheme doesn't erase the debt. It puts $300 billion of new debt on the backs of working Americans. The debt is a national crisis. This compounds it."
Some experts say it's still a political win for Biden Despite pushback from Republicans and some Democrats, Perry says youth voter turnout due to debt forgiveness will make a critical difference in the election. And he adds the argument that forgiving student loan debt is "unfair" likely won't cause voters to flip on a candidate. "It certainly energizes young people and people with student loan debt, which also includes many Republicans.
I think this will have more of a unifying effect than any negative politics consequences. "Overall, it's a political win for Biden because he's delivering on his promises, he has a chance to pick up on some moderate Republicans who have debt. ... This is a universal issue."
What Biden's low approval ratings and high-profile wins could mean for the midterms POLITICS What Biden's low approval ratings and high-profile wins could mean for the midterms even groups and lawmakers who are calling for more debt cancellation will have to applaud Biden's announcement and stay connected to the president, which is a "crafty" move from the president.
We see that people are more easily able to move around the country, they are earning more money, they are able to reduce the share of defaults that they have on things like credit cards and other types of loans, It feels like one of the best ways to govern is to try to do things to improve peoples' lives, and then make sure people know that you did things to improve their lives." Biden included more debt forgiveness for Pell Grant recipients in particular, the benefits will extend more to Black and Latino borrowers.
Americans support student loan forgiveness, but would rather rein in college costs and among some borrowers, it's providing a bit of hope — and potentially motivation to go to the polls. "A lot of people who may have been apathetic about voting saying, if the government actually works for me, then why would I not go and vote? and vote for the person who actually cares.
I think people should still have to repay some of their debt, they took out the loan, and it’s not fair to people who are working for a living and did not go to higher education. To pay for these loans, as they are trying to pay their own bills. I think we as a country needs to figure out a way to make higher education affordable to all.
Let’s make corporations pay their taxes get rid of the loop holes. Stop allowing the rich to have these tax breaks and right offs. Take that money put it into a pot and spread it around to many people. Have people file forms to get some funds but they have to complete their studies to receive funds. How about low interest for first time home buyers? The number of buyers would make up the difference in most interest for loan institutions. Let’s do something really good and big for all Americans.
Tammy
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