On 8/25/2022, CNN’s Chris Wallace said President Joe Biden’s student loan bailout doesn’t deliver for working class Americans, during a segment on CNN’s “At This Hour” with Kate Bolduan.
On 8/25/2022, President Joe Biden Education Secretary Miguel Cardona had no idea how much President Joe Biden’s student loan bailout will cost, during a segment on CNN’s “New Day” with John Berman and Brianna Keilar.
On 8/24/2022, Democratic National Committee Chair Jaime Harrison said Republicans are “misreading the landscape” on talk about crime and inflation, during a segment on MSNBC’s “The ReidOut” with Joy Reid.
Democrat Sen. Elizabeth Warren tells the Truth: Biden’s Student Debt Bailout is about the Votes.
On 8/25/2022, President Joe Biden Education Secretary Miguel Cardona admitted the student loan bailout is going to soon-to-be very wealthy, during a segment on TMZ.
On 8/24/2022, during press conference, a reporter asked NEC Deputy Director Bharat Ramamurti, “If you take a closer look at the White House factsheet that was released, the White House cites a construction worker who makes $38,000 a year as a potential candidate for this student loan relief. You also cite a $77,000-a-year-earning nurse. And that sounds great, but I’m wondering: Why did you structure this policy in a way that would provide up to $40,000 in debt for a married couple making up to $249,000? I mean, why include folks who have gone to post-grad, you know, law school or business school? Is that really bottom up, middle out?”
MR. RAMAMURTI: Yeah, it is. You know, as we’ve made clear, nobody in the top 5 percent of incomes is going to get a single dollar under this proposal. … zero dollars — zero percent — are going to anybody making over $125,000 in individual income. And just because I’ve seen some criticism from Republicans on this today, it’s instructive to compare that to what the Republican tax bill did in 2017 … So we think that this is a classic example of what the President talks about in “middle up” economics. It’s going to families that really need it. And the vast majority of it is going to people making under $75,000 a year.
Reporter: I know there have been some officials that have taken issue with some of the topline estimates we’ve seen from outside groups in terms of cost, not to mention, kind of, the view of direct impact on inflation and how things may net out. But if you can’t even give a topline figure for — if the uptake was everyone, how are you modeling this out? And what gives you certainty even a tenth of a basis point in a very high inflation environment wouldn’t be problematic for people?
MR. RAMAMURTI: Great. So, let’s take that in two parts. So, the first question is: What’s the cost? And as Ambassador Rice said, there’s a number of factors that go into that question. There’s the take-up rate, right? Folks are going to have to go apply for relief. Our hope is that 100 percent of people who are eligible go apply for relief and get the relief that they’re entitled to. I think, realistically, we’re not going to get to 100 percent. But the question is: How far short of 100 percent are we going to be? And that plays a big role in what the cost is going to be.
Reporter: So my question is: How did the administration come up with the $20,000 and $10,000 relief number? Was there some kind of calculation into what would be inflationary and what is actually going to make an impact?
MR. RAMAMURTI: Yeah. Look, in terms of the Secretary’s decision and the President’s decision on this, there’s a number of factors that go into it. The President’s goal was to do something that he thought was fair, responsible, and consistent with his commitment to fiscal responsibility. And the conclusion was that following through on his campaign commitment, doing $10,000 for most borrowers, and then adding this additional $10,000 for Pell recipients …
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More votes when cancel Student Loan, married couple get free $40K if make under $249K, no cost because offset.