The Ongoing Tension Of Student Debt In America

 



Photo By Alice Pasqual On Unsplash 
 The canceling of student debt has been an ongoing topic within the political world. Historically the  Democratic party has been in favor of canceling student debt with progressive tax rates that help benefit the lower class. Recently President Joe Biden has been making strides towards achieving this goal. 


       Canceling student debt what does this exactly mean, does debt towards education just magically go away for everyone? Well, it depends, "Biden is erasing $10,000 in federal student loan debt for those with incomes below $125,000 a year, or households that earn less than $250,000." (AP NEWS) Which statics have shown that finically for the government, these circumstances will be the best way to tackle this problem. Though this topic has been debated for a long time in the Democratic party, Joe Biden has been getting lots of negative feedback on social media for this to come into effect. 


    This plan has been estimated to affect around 40 million Americans, which seems like a huge win, but finically how much will this cost? It seems quite pricy, estimated to cost the government over $400 billion within the next 30 years. Though these numbers could be larger or smaller, Joe Biden's team was pressed to put out a statement after Republican Lawmakers were questioning previous estimates they had heard. However, things are looking good due to the current plan already being $4 billion cheaper than the initial plan. 

  Though the Republican Lawmakers weren't the only ones who had something to say about the cancelation of student debt, a libertarian group in California has recently filed a legal challenge to Joe Biden's plan. The group claims that it is "an illegal overreach that would increase state tax burdens for some Americans who get their debt forgiven" (AP NEWS). Though this Libertarian group is challenging Joe Biden's plan, they aren't the only ones who are against it. Many conservative groups have expressed their feelings on social media, stating that Joe Biden's plan to punish Americans who have not attended college through the taxing that will occur. 


  Is Joe Biden's plan the correct approach for fixing student debt in America? Theoretically, is it ethical that the higher income bracket in America will become taxed more despite whether they went to college or not? Will the libertarian group from California succeed in shutting down Joe Biden's plan? We'll have to see. 


Sources

Binkley, Collin. “Libertarian Group Sues to Block Student Debt Cancellation.” AP NEWS, Associated Press, 27 Sept. 2022, https://apnews.com/article/biden-education-lawsuits-executive-branch-88a53926a6583fdb7b8c311206f5357f.

Collin Binkley, Collin. “Student Loan Forgiveness Could Help More than 40 Million.” AP NEWS, Associated Press, 25 Aug. 2022, https://apnews.com/article/student-loan-forgiveness-biden-plan-d9c8e18774a744187c9af634bf4eb728.


Comments

Post a Comment

Popular posts from this blog

Is World War Three About to Happen?

Image
       Photo by  Jordy Meow  on  Unsplash       Russia has been in troubled waters so far this year, starting off the year with the invasion of Ukraine. Nine months later, with the Ukraine invasion still ongoing, Russia just did something new that has NATO looking at them closer than ever. Early in the morning of November 15th, Russia bombed Poland with a missile killing two citizens of Poland. The missile that struck Poland came down in Przewodow, which is just 3 1/2 miles from the Ukrainian border. It is still unclear if the missile actually came from Russia, but Russia is highly suspected despite Russia's defense ministry denying that the missile originated from Russia.        United States President Joe Biden was quick to call an emergency meeting Tuesday morning after being woken up by the news. Joe Biden called up the "Group of Seven," which consist of Canada, France, Germany, Italy, Japan, the United ...
Read more

How Is Joe Biden Helping an American Prisoner in Russia

Image
Photo by Alexander Zemlianichenko on AP News     Over the past two weeks, there was lots of media coverage from and about President Joe Biden in the midterm elections. Now that the midterm elections are over, Joe Biden has decided to turn his attention to the ongoing Brittney Griner trial in Russia.    For those that do not know, Brittney Grinner was taken into custody and arrested in Russia back in February when attending a Russian Premier League for basketball. She was caught with cannabis oil which is seen as an illegal substance in Russia. Her trial started in July, going into the months of August when the Russian court decided that she would serve nine years in Russian Prison. Things only got more complicated due to the fact of Ukraine and Russian conflict that unfolded shortly after her arrest. There was an appeal made in the court where Griner was trying to get the nine-year sentence appealed, but on October 25th, the original sentence was waived fair.  ...
Read more

What is Joe Biden Expecting of China Over the Next Two Years?

Image
  Photo by Jon Tyson on Unsplash       Recently Joe Biden and the leader of China, Xi Jinping, got together to talk about the future of the relationship between America and China and what the two countries expect from each other moving on in the next two years. President Joe Biden was eager to meet with Xi Jinping for two reasons, he has only talked to the leader of China 5 times since he took  presidency back in 2020, and of those five times they met, it was over the phone or video call, but this was mainly due to COVID-19 restrictions. Secondly, both America and China view themselves as powerhouses in regard to competition, and this meeting would help them to talk about meeting eye to eye going forward.      Joe Biden had a clear outline of the topics he wanted to bring up to Xi Jinping that he wanted to cover and discuss. Joe Biden has always been straightforward with China's leader, leaving no room for assumptions, he told reporters on Monday...
Read more