Oops: Biden’s student loan bailout still mostly helps high-earners, nonpartisan analysis confirms "The Administration’s student debt cancellation proposal is costly, inflationary, will drive up higher education costs, and will deliver the majority of the benefits to those in the top half of the income spectrum,” the experts conclude. https://www.based-politics.com/2022...s-high-earners-nonpartisan-analysis-confirms/ Progressive proposals for total student debt “cancelation” (aka transfer to taxpayers) have long been plagued by a salient criticism: they mostly help the affluent. One study even found that full student debt cancelation would help the top 20% of earners 6x more than the bottom 20%. President Biden wanted to ensure that his executive action “canceling” $10,000-$20,000 in debt per borrower wouldn’t fall into this same hypocritical pattern, so he added some income constraints. Their experts ran the numbers on Biden’s final proposal, including the income caps, and concluded that it will still offer 57% to 65% of its benefits to the top half of income earners. (And they say that even this might be an underestimate). That’s right: a majority of the benefits will flow to the top half, not the struggling poor and working class. Why? Well, for one thing, any form of student debt relief only benefits those who attended college. And that’s a relatively more affluent slice of society—that’s why people go to college, after all. So, too, the fact that the plan is “opt-in” will create a hurdle prompting some low-income people not to participate. And the fact that the Biden administration is using 2020 income data to determine qualification is going to highly skew the results, as many people briefly earned little/less during the height of the pandemic but have now fully recovered. “In the end, the Administration’s student debt cancellation proposal is costly, inflationary, will drive up higher education costs, and will deliver the majority of the benefits to those in the top half of the income spectrum,” the Committee concludes. Nice job, Joe.
Wait....is hte complaint that the student loan relief plan only benefits those.... who went to college??? Is that the standard now for politics? trump's tax bill was bullshit because it did not benefit anyone who does not pay taxes! New legislation appropriating funds for cancer research is wasteful because it does nothing for people suffering from diabetes!
His student loan relief plan disproportionately benefits higher income white college graduates rather than lower-income minority college graduates.
Well --- go read the study directly for yourself https://www.crfb.org/blogs/bidens-student-debt-cancellation-plan-still-regressive Plus the other sources in the article The Top 20% just 6X the benefits out of the student debt relief deal. https://fee.org/articles/top-20-get...-cancellation-than-bottom-20-new-study-finds/ The Distributional Effects of Student Loan Forgiveness https://bfi.uchicago.edu/wp-content/uploads/2020/11/BFI_WP_2020169.pdf
there you go, was that so hard? Can we trust Uni affiliated research institutes & think tanks (BFI) on this matters since according to you, they're not to be trusted on dissenting opinions on COVID and vaccines?
Yes... we recognize the bias of think tanks. Yet the information from CRFB is rated as high. And the University of Chicago study referenced as the primary source for the FEE report is from a well-respected institution. All of these are mainstream sources -- not disreputable blogs or social media commentators. The studies provide the information and facts in-depth. You obviously cannot dispute the facts provided by these mainstream sources. I will note the study by the Brookings Institution which is generally considered left leaning stated the same thing -- most of the student loan forgiveness benefits go to the rich. Student Loan Forgiveness Is Regressive Whether Measured by Income, Education, or Wealth: Why Only Targeted Debt Relief Policies Can Reduce Injustices in Student Loans https://www.brookings.edu/wp-content/uploads/2022/01/WP75-Looney_updated_1.pdf As outlined in the Forbes article - https://www.forbes.com/sites/presto...gs-to-high-wealth-households/?sh=29980ff63ba4
There is nothing in the program that excludes low income minority college gradates from getting $10k in loan forgiveness is there? Source please.
There is an entire list of studies and sources posted above from respected institutions which did in-depth studies -- Go read them and get back to us.