Democratic Sen. Elizabeth Warren renewed her push on Sunday for President Biden to cancel billions of dollars student loan debtsaying the move would eliminate the burden of tens of millions of borrowers while increasing the chances of Democrats holding their majorities in the Senate and House in the November midterm elections.
Appearing on Face the Nation, Warren insisted that the White House has the authority to cancel student debt, in part because it has already done so for certain borrowers, even through a forgiveness program for people working in the public service.
“Look, we know the president has the authority to cancel the student loan debt, and the best way to find out is because President Obama did it, President Trump did it, and now President Biden does it. he has done it repeatedly. The power is clearly there. “she said.
- Transcript: Senator Elizabeth Warren on “Face the Nation”
Warren said 40% of borrowers do not have college degrees and may be stuck with large debts despite not having completed their studies.
“These are people who tried, but life went on: they were pregnant, they were doing three jobs, their mother got sick, they had to move to another city. And now they earn as a high school graduate, but they are trying to manage the university loan, the debt and it is crushing them, “he said.
Canceling student debt has been one of Warren’s main goals in recent years. He has repeatedly pushed the Biden administration to extend the pause of student loan payments during the pandemic and has published new data this month proving that canceling $ 50,000 in student loans per person would wipe out all the debt of 36 million borrowers, or 84% of those who have loans. Last week, he spoke about his proposal in an opinion piece for The New York Times, where he outlined how his party could avoid disaster in the next midterm election.
“Democrats win when Democrats are in contact with the American people and what is happening to them,” he said Sunday. “Today, we have people in line to buy groceries and have to choose what to send because they can’t afford to pay for it. We have millions of people across the country who say they’re not ready to to resume payments on student loans, which simply cannot handle these loan charges. “
Mr. Biden previously said he wanted to cancel $ 10,000 in student loan debt, though he seemed hesitant to move forward without congressional action.
Opponents of Warren’s plan to cancel student debt say doing so would contribute to record-breaking inflation. The senator disagrees.
“As President Biden himself says, the way we deal with inflation is not by making people poorer,” he said. “Our way of dealing with inflation is to attack high prices head on, [such as] rising prices. We straighten the supply chain so that goods can reach people. We attack it head on, not trying to impoverish people. Canceling student loan debt is a good thing for people across the country and, most importantly, good for our economy as a whole. “
Borrowers owe more than $ 1.7 trillion in student loans, according to the Federal Reserve. It is the second largest amount of debt in American households, after mortgages. The burden has forced many young Americans to do so postpone important financial decisionssuch as buying a home, saving for retirement and having children, a study revealed last week.
Warren expressed confidence that Democrats could deliver for the next six months before voters go to the polls.
“We have to be there fighting, and what we have to fight for is the things that directly affect U.S. families,” he said. “People are counting on us and we can’t sit and play politics. We have to fight on behalf of the American people. And that means people who are struggling with student loan debt, people who are struggling with high debt. “prices, people who are worried about this pandemic.”
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