President Biden yesterday announced that $10,000 dollars of federal student loan debt will be forgiven for people making under $125,000 a year, with those who received Pell grants qualifying for up to $20,000 worth of debt relief. Since making the announcement, right-wingers and many in the corporate media have been criticizing the move, with the main argument being that this is unfair to people who already paid off their loans. As Biden was leaving the press event yesterday, a reporter asked him a question about this very topic. The president responded, “is it fair to people who in fact do not own multi-million dollar businesses, they see one of these guys getting all the tax credits? Is that fair?” The other important response to this argument is that people who never had student loans or already paid them off will benefit from this move in other ways. Putting money in more Americans’ pockets will be economically stimulative, as they will have more discretionary income and savings for larger purchases like homes and cars.
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