Economic activity

Bernie Sanders analyzes GOP response to Biden’s cancellation of some student loans

Sen. Bernie Sanders (I-Vt.) praised President Biden’s decision to forgive some student loans during an appearance on ABC’s “This Week” on Sunday, saying the move would benefit working families and people with low incomes. revenue.

Driving the news: The Biden administration announced last week that it would forgive up to $20,000 in student debt for Pell Grant recipients and up to $10,000 for individual borrowers who earn less than $125,000 a year.

What they say : “I know it’s shocking, George, to some Republicans that the government sometimes does something for working families and low-income people,” Sanders told host George Stephanopoulos.

  • “I don’t hear any of these Republicans screaming when we give massive tax breaks to billionaires,” he added.
  • Sanders also called for new measures, saying public universities and colleges should be free to ensure the United States is “competitive in a global economy.”
  • Sanders responded to criticism of the plan by some Democrats by saying that “in a sense, the criticism is correct, but the answer is not to deny help to people who cannot cope with this horrible student debt. … The answer is that maybe, just maybe we want to have a government that works for all working people and not just those at the top,” calling for higher taxes for the rich and a higher minimum wage, among other policies.

Sen. Roy Blunt (R-Mo.) appeared on the same program and called student loan forgiveness “monumentally unfair” to people who didn’t go to college or have already paid off their loans, as well as “just bad economics.”

  • Stephanopoulos pointed out that many economists believe the decision will not increase inflation, a key criticism of the GOP plan. “Well, if that’s what they think, most economists are wrong,” Blunt said.
  • Sanders then responded to Blunt’s criticisms of the plan, saying, “He’s wrong. Sixty percent of the benefits go to people who were on Pell grants, 87% of the benefits go to people earning $75,000 a year.”

Tim Ryan, Democratic Senate candidate from Ohiocriticized the plan during an appearance on CNN’s “State of the Union” on Sunday.

  • “There are a lot of people who are hurting in our society right now. People are crushed by inflation, crushed by gas prices, food prices and everything else. And I think a targeted approach right now really sends the wrong message,” Ryan said. said.

  • “One of the dumbest things we’ve ever done in this country is tell everybody they have to go to college. I mean, that was a huge mistake,” he said. he adds.
  • “We got rid of the shop class, we got rid of the kind of stuff that builds the working class and the skilled trades, and here we are and we haven’t done anything to control the cost of college. So we’re going to be in the same position in five years.”

Sen. Elizabeth Warren (D-Mass.)who had joined other progressives in advocating that Biden forgive up to $50,000 in student loan debt, told CNN’s ‘State of the Union’ that she was ‘so happy’ to see the decision.

  • “This is about America investing in people who work hard, play by the rules and just need a government on their side,” she said.
  • Asked that the cost of college remains exorbitant, Warren conceded that “we have a lot of problems across the system” and that “we absolutely need to deal directly with the cost of college.”

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