House Representatives Ayanna Pressley (D-MA) and Ilhan Omar (D-MN) are proposing to cancel student debt with new legislation aimed at helping borrowers adversely affected by the coronavirus, or COVID-19.
The legislation, called the Student Debt Emergency Relief Act, proposes the cancellation of at least $30,000 in outstanding debt, tax-free, and proposes that the Education Department (ED) “immediately assume responsibility” for the monthly payments of borrowers who hold federal loans while suspending involuntary collections or garnishments of wages or federal income tax returns amid the crisis.
“During this unprecedented crisis, no one should have to choose between paying their student loan payment, putting food on the table or keeping themselves and their families safe and healthy,” Rep. Pressley said in a statement. “We must prioritize debt cancellation for the 45 million student loan borrowers who are struggling to pay off their debt during this difficult time.”
Link: https://finance.yahoo.com/news/house-democrats-cancel-student-debt-coronavirus-153039320.html
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There are some evil people doing what they can to leverage the crisis to push their anti-American, anti-capitalist agenda forward. The 2 congresswomen you just named are great examples.
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And even if it did, the Senate with toss it and/or the President would veto it.
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Because politicians are greedy and, often, stupid bastards.
deal would get done. They put America first.
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If we allow loan cancellations... that is the end of lending. Then how does the economy function going forward?
A person who worked hard, paid their debts and was laid off might get nothing.
A person who went to a school they couldn't afford to get a degree that would ensure that they would be unemployable might get a windfall.
I will have paid for the second person, when the first person deserves my money more. Cancellation of student debt is a nonstarter. Anyone who asks for it is just trying to get the vote of the "stupid American voter" (as Dems refer to their constituents) needed by the Democrats to pass their BS policies, as noted by Gruber in an accidental moment of honesty.
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