Tag: student-debt cancellation

Biden Can Still Counter the Bogus Right-Wing Student Loan Lawsuits

Tina Marie (Ms. Cat)

Maybe you are one of the 26 million people who have applied to have their student debt reduced or eliminated entirely. You probably breathed a sigh of relief when you hit “Submit,” knowing that, in the new year, you’ll have an easier time paying rent, buying food, or maybe saving to buy a home or for retirement.

Biden Can Still Counter the Bogus Right-Wing Student Loan Lawsuits

Everyone pays the cost as the rich keep spending

Tina Marie (Ms. Cat)

Everyone pays the cost as the rich keep spending

Meanwhile, the Biden White House is doing what it can to buffer inflationary pain for working people. It has been releasing strategic petroleum reserves in a partly successful effort to lower prices at the pump, extending pandemic-era caps on some student loan payments and pushing for antitrust action in areas where corporate concentration (which has grown hand in hand with financialisation) may be responsible for some inflationary pressure.

But more changes are needed. The success of corporate lobbyists in overturning efforts to roll back carried interest loopholes are shameful. Student debt forgiveness — no matter how generous it is — will not change the fact that the cost of four years of private university in the US (an elastic cost that can be bid up indefinitely by the global rich) is nearly double the median family income. Housing markets continue to cry out for major reform.

I suspect it will take a younger generation to push through these sorts of systemic changes. They simply don’t have as much asset wealth to protect.

Should the Biden administration cancel student debt? Read this before you decide

Tina Marie (Ms. Cat)

Should the Biden administration cancel student debt? Read this before you decide

In addition, it’s possible to address other challenges plaguing the student-loan system — for example, the obstacles public servants and those scammed by their schools face accessing loan forgiveness that’s already on the books or the harsh consequences of student-loan default — while still providing some relief to borrowers now, Huelsman said.