Live Breaking News & Updates on Regressive Expensive Mistake
Stay updated with breaking news from Regressive expensive mistake. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
families. it helps both current and future bowers and will fax a badly broken system. and these actions build on my administration s efforts to make college more affordable in the first place. nbc s tom costello now with more on the plan and the mixed reaction to it. reporter: president biden fulfilling a campaign promise. cutting american student loan debt. it focuses the benefit on middle class and working families. reporter: but he s also stirred up a hornet s nest of backlash. i feel it is a little slap if the face to those who worked hard to pay it off. reporter: and from republicans who say it unfairly benefits americans who choose to go to college while ignoring those who don t. like truckers, plumbers, welders and retail workers. a lot of americans choose not to go to college. and then there are those americans who bought money to pay for school and paid it back. in what way is it fair to those taxpayers? reporter: many also argument the presiden ....
president donald trump. good morning. welcome to morning joe. it is thursday, august 25th. i m willie geist. with us, msnbc contributor mike barnicle. former aide to the george w. bush white house and state departments, elise jordan. the president of the national action network and host of politics nation, reverend al sharpton. and white house editor for politico, sam stein. let s dive into the story that has everybody talking right now. 43 million people in line to have at least a chunk of their student loan debt erased. as many as 20 million people could clear all of their student debt. those are the figures from the white house following an executive action yesterday by president biden. the president pushed back at criticism that debt cancellation will make inflation worse. by resuming student loan payments at the same time as we provide targeted relief, we re taking an economically responsible course. as a consequence, about $50 billion a year will start c ....
$59,000. 42% of those who go to college pay back loans over five years. loan specialists recommend using the freed up money now to lay a sound financial foundation. maybe pay down higher interest debt like conference call debt using the money you ve been saving. that is tom costella reporting. and there has been mixed reaction to this. the washington post board calls biden s student loan announcement a, quote, regressive expensive mistake. the post writing it takes money from the broader tax base, mostly made up of workers that did not go to college, to subsidize those with valuable degrees. although it includes a income cap, it does not reflect need or earning professionals means those with high future salaries stand to benefit. extending the loan pause to the end of the year would cost $20 billion. while for giving $10,000 for households making less than ....
Inflationary fire that are already burning is reckless. the washington post editorial board called biden s student loan announcement a, quote, regressive expensive mistake. this is the washington post, writing in part, it takes money from the broader tax base, mostly made up of workers who did not go to college, to subsidize the education debt of people with valuable degrees. mr. biden s plan includes a cap, it does not reflect need or earnings potential. white collar professionals with high future salaries tend to benefit. extending the pause would cost $20,000. while forgiving $10,000 for households, it d cost $230 billion. together, it d nullify a decade s worth of deficit reduction. the loan decision will not do enough to help the most vulnerable americans. it will, however, provide a windfall for those who don t need it. with the american taxpayers ....