How Biden’s student loan forgiveness plan could affect midterms, economy

ABC News’ MaryAlice Parks and Deirdre Bolton break down the impact from President Joe Biden’s plan to forgive student loan debt for millions of Americans.

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Author: Rafael

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34 thoughts on “How Biden’s student loan forgiveness plan could affect midterms, economy

  1. JOE BIDEN IS BOOSTING HIS BAD GOVERMENT BY BUYING PEOPLE VOTES

    WITH MONEY COMMING FROM TAX PAYERS , INFLATION WILL KEEP INCREASING

    WHY DONT HE PAY STUDENT BILL WITH HIS OWN MONEY ?

    HE WANTS TO LOOK GOOD WITH OTHER PEOPLE MONEY. CORRUPT POLITICIAN

    REMINDME CHAVEZ IN VENEZUELA.

    WASHINGTON, Aug 24 (Reuters) – President Joe Biden said on Wednesday the U.S. government will forgive $10,000 in student loans for millions of debt-saddled former college students, keeping a pledge he made in the 2020 campaign for the White House.

    The move could boost support for his fellow Democrats in the November congressional elections, but some economists said it may fuel inflation and some Republicans in the U.S. Congress questioned whether the president had the legal authority to cancel the debt.44444444444444444444444444444444

  2. This is going to be bad for the long-term. They will get the money from you eventually 🤦🏽‍♀️ Do they really think we are that dumb?! NOTHING is for free and nothing is “forgiven.” They already divided people and now it’s a further Class division. Can’t stand democrats 🤷🏽‍♀️ Not why I immigrated to this country.

  3. This is disgusting. My choices for President will be a Democratic thief or Republican criminal? You am pissed at this BS. Give me my tax money back.

  4. Educational system sucks. I likely had a learning disability and also had health trouble. I should have never tried. I just wanted a career which I never got. Just got a Kidney transplant. I don't want to return to school because it was unsuccessful. I am unable to afford it now. I am bright and smart. But I could not get thru math and biology. The amount of time to study was a problem. Trouble passing tests. I couldn't find the help needed. Should have gotten help before attempting. Now it's too expensive to joke around and no loan would work as I wouldn't qualify.

    Then schools became woke and liberal cesspools when I just wanted to earn skills to get a job. I also think that while the pace is fast and I can't keep up, I saw 17 years pass of frustration. Can't afford to take 4 math classes and be nowhere near graduating and getting a profession. Trades isn't my path neither because of my health. I can't do carpentry, welding, working with stuff like building houses and delivering things.

    I am lost in the system. I blame the liberal mindset and the bad educational system. So this is bad. Colleges shouldn't be expensive. They should be low costing or free. And if you can't pass they should find another path cause I am unemployed and unemployable. Living off disability and help.

  5. This wasn't a plan he said he wasn't going to do it this is about College votes but unfortunately college kids you'll pay $10,000 more for food clothing and gasoline with two more years of this garbage.

  6. Forgiveness for professionals making a 6-figure income ($125,000! $25O,000 for a couple!). ARE YOU KIDDING? This is unfair to families who scrimped and saved and paid for college – and those who were responsible and have already paid off their student loans! Why should people who never went to college have to pay for their neighbor's graduate degree? Student loan debt is not really canceled. It falls on the backs of taxpayers!

  7. Demand increases the end to produce more ad he said more money to build too just bot spending

    First thing he did I agree with

    Can't say this is not appropriate

  8. don't hate on this random band-aid-solution bill – hate on the idiots that decided to make it so expensive for you to invest in your education in the first place – developing economy 101 – invest in education

    education is an investment in the future – isn't investing in the future the whole point of the 'american dream'? you have the opportunities to give yourself the best chances possible to attain the unattainable wealth of your wealthy elites? isn't that the whole selling point?

    education should not only be free, it should be incentivised so that people are encouraged to become more knowledgeable so as to give their nation an advantage in progressing with technology and developments – for too long america has been competing within itself instead of the known political/economic concepts that have benefitted Scandinavian countries constantly over the past decades

    this situation is yet another example of america's pay-to-win corporate-interest mentality that hates the poor working classes, makes everything harder for them, and then directs their fury at some dumb scapegoat…

    and then wonders why the country stagnates and divides. Oh well, at least america is the largest country in terms of tax evasion, yep, cool and normal, let's blame some 70 year old dinosaur-puppet for giving too many handouts for the economic problems the elites create and perpetuate out of self-interest for them, their shareholders, and their portfolios, surely it has nothing to do with the largest concentration of wealth monopolies in human history closely guarded by Fox-News-Corp-Daddy-Murdoch's thought control – yep, convince the working classes that you're helping them and then turn them against each other, now that's a sustainable model isn't it, yep, let's keep investing in that.

    Hate me cos you know how many good points I'm making <3

  9. The idea it will increase inflation is all propaganda. It’s baseless and idiotic. Payments have been paused for two years. That means they’ve had extra money this whole time. No one was saying it was increasing inflation then. But now that some will continue to not have to make payments because their debt was forgiven it’s going to cause more inflation? Don’t you see the BS in that reasoning? There’s no rationale behind it. In fact, once payments start back up for the vast majority who still
    Have debt it will have a deflationary effect and the tiny number who had their debt completely forgiven will have zero effect at all.

    As far as GOP calling it a bailout…it’s about F’ing time regular people got bailed out. Idr many Republicans saying we shouldn’t bail out hedge funds and banks in 2008. All they care about are rich people and their corporate masters. They’re POS 💩

  10. Disgusting blatant VOTE BUYING SCHEME to change subject from disastrous economic condition at Midterm. How about require every college to FIRE half their bloated useless staff added since govt took over student loan program. Make schools use that savings to rebate percentage of tuition to EVERYONE who attended during that timeframe regardless of funding source. I just paid 30k tuition for a masters out of my savings I EARNED. Now I get to pay off debt from irresponsible dead beats many of whom got USELESS degrees.

  11. Stop hiring 15 "diversity advisors" on every college campus. You can save the school $1,200,000 in salaries alone and eventually eliminate the worthless gender and crybaby degrees because 2/3 of the jobs for these degrees will be eliminated.

  12. It's outrageous that students get loan forgiveness but it was totally fine when Trump was giving bailouts to farmers who lost money because of his trade tariffs or when the automakers and banks got bailouts when they were facing bankruptcy.

  13. "Forgiving" loans meaning transferring the debt to other taxpayers. The debt does not magically disappear. Think about it like this, a guy chooses to forgo going to college and instead pursues a trade. This guy works hard every day doing manual labor or plumbing or being an electrician. Now he has to pay for the loans of people who went to college for some useless degree and now won't pay their bills. Does that seem fair?

  14. My wife recently paid off her huge student loans a few years ago. She is in her early 50s. Now she has to pay other peoples student hloans via taxes; totally unfair; I can’t stand this administration

  15. I grew up as an orphan. When I was younger I would resent people who had parents who were around. As I got more mature I dropped the resentment. We all have blessings in life. And things that seem unfair. When we recognize we have both, and with maturity you just root for others. I’d never wish anyone grow up without their parents. I studied computer science in university and paid off my loans. But I don’t begrudge anyone who benefits now. If we can bail out banks this seems okay

  16. I'm still waiting with baited breath for a single panel to discuss the "economic impact" of the hundreds of BILLIONS of dollars of PPP loans that were forgiven.

  17. So, the dictator in charge thinks he can by votes by illegally circumventing congress? Only congress has the power to pass law to forgive a public debt.

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