5 Reasons Why Student Loan Forgiveness Is A Bad Idea
ForbesJun 20, 2022
The Facts
In a 52-46 vote held Thursday, the US Senate passed legislation that will repeal Pres. Joe Biden's student loan forgiveness program.
The White House had previously said it would veto the bill, and it seems neither chamber will be able to reach the two-thirds majority needed to override that veto.
The Spin
Republican narrative
Biden is insisting on pushing forward a radical debt forgiveness plan that even his own party is beginning to sour on. Student loan forgiveness is a regressive, wildly expensive policy that benefits wealthier Americans, and there is doubt as to whether the president can cancel such debt unilaterally. We can only hope the SCOTUS ruling will put an end to this madness.
Democratic narrative
Student loans have shackled a whole generation of Americans, and Biden's forgiveness plan has been a lifeline for millions. Debt forgiveness would help avert financial ruin for countless people, yet Republicans and their legal lackeys seek to rip relief away from those who need it most. Biden should be applauded for continuing to fight for everyday Americans.
Nerd narrative
There's a 26% chance that the US will forgive $10K of federal student loans per person before 2024, according to the Metaculus prediction community.
