Cancel largest student loan $5.8B, job performance rating, wrong on inflation & baby formula crisis



On 6/2/2022, Vice President Kamala Harris announced the Education Department’s plan to cancel the federal student loan debt of borrowers who attended Corinthian College. The move will erase $5.8 billion in debt for more than 560,000 borrowers, in what the Education Department said was the largest single loan discharge ever. The announcement comes as the administration deliberates whether to grant wider student loan relief affecting 43.4 million Americans who owe a combined $1.6 trillion in federal student loan debt. Those payments have been on pause since March 2020.

Liberal and youth activists have been pushing the administration for universal debt relief, or something close to it, with the federal government picking up the tab. Those who argue against universal relief say it could compound inequity by giving another leg up to higher earners with advanced degrees. In February, it granted $415 million in student loan forgiveness to nearly 16,000 borrowers who were misled by colleges, including DeVry University, Westwood College, ITT Technical Institute’s nursing program and the Minnesota School of Business/Globe University.

On 6/1/2022, While speaking to investors and analysts, JP Morgan CEO Jamie Dimon recently said that a hurricane is coming to the U.S. economy. “Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,” Dimon said. “That hurricane is right out there, down the road, coming our way,” Dimon said at a financial conference in New York. While conditions seem “fine” at the moment, nobody knows if the hurricane is “a minor one or Superstorm Sandy,” he added. “You’d better brace yourself,” Dimon told the roomful of analysts and investors. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”

Biden Economic Advisor Jared Bernstein laughs about being wrong on inflation “easy to look back…find flaws”. He admits $1.9T “stimulus” fueled inflation.

Biden Commerce Secretary Gina Raimondo cannot name one area prices will fall “I wish”. On lowering prices, she said “no one has a crystal ball”.

Biden Energy Secretary Jennifer Granholm said, “price of gas is likely to remain above $4 gal”. She rambles on about “clean energy economy” goals and she said we want to accelerate our future to clean energy.

CNN Biden’s job performance rating on inflation is a “very very very very very bad number”. CNN on baby formula crisis “undermine[s] faith” in admin “they should have seen this coming”.

Politico’s Jonathan Lemire said, “Admin…downplayed [baby formula] crisis last summer & fall”. On Biden’s botched baby formula response, he said “out of the loop”.

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Cancel largest student loan $5.8B, job performance rating, wrong on inflation & baby formula crisis

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