Education Secretary Says The Quiet Part Out Loud: People Who Paid Their Student Debt Get Nothing | Eastern North Carolina Now | Education Secretary Miguel Cardona conceded on Wednesday that borrowers who had repaid their student loans would get no benefit from President Joe Biden’s planned cancellation of up to $10,000 in student debt for many borrowers.

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    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Virginia Kruta.

    Education Secretary Miguel Cardona conceded on Wednesday that borrowers who had repaid their student loans would get no benefit from President Joe Biden's planned cancellation of up to $10,000 in student debt for many borrowers.

    Cardona spoke briefly with Fox News White House correspondent Peter Doocy, who asked him to weigh in on those who had worked to repay their debts - and Cardona admitted that the mass cancellation would provide nothing for them.

    "Just the final one on this: The people that already paid their student loans, they don't get anything out of this deal," Doocy prompted.

    "Right," Cardona agreed.

    "That's right, okay," Doocy confirmed.

    Critics of the plan have argued that taxpayers will get something out of the mass cancellation of student debt - namely the bill. Because the federal government creates budgets that depend on predicted income - student loan payments included - the cancellation of a large chunk of that debt in one fell swoop would result in a lesser amount coming in. The government would then have to compensate for that shortfall by reducing spending or increasing taxes - and the latter happens with more regularity than the former.

    Senator Elizabeth Warren (D-MA), a longtime proponent of student debt cancellation, had a similar reaction when she was asked whether people who had paid off their own student loans might qualify for some kind of reimbursement.

    "My daughter is in school," a man asked Warren at a 2020 campaign event. "I saved all my money just to pay my student loans. Can I have my money back?"

    "Of course not," Warren replied.

    "So you want to help those who don't save any money and the ones that do the right thing get screwed?" he asked.

    Doocy also asked Cardona about comments from House Speaker Nancy Pelosi (D-CA) - who said weeks earlier that President Joe Biden did not have the authority to unilaterally cancel student debt - and Cardona argued that a post-9/11 law allowed him to do so under certain conditions.

    "Speaker Pelosi said last year, she thought this was something a president could not do. It would require an act of Congress. So is this legal?" he asked.

    "The HEROES Act, page 637 ... gives me the authority to provide a waiver to ensure Americans are not worse off after an emergency - a national emergency - which the pandemic was."

poll#160
Are you in favor of the Joe Biden Executive Order, just weeks before the midterm elections, to shift the Higher Education debt, of up to $10,000.00 per individual, to the taxpayers of this Republic (estimated at 1/2 trillion)?
  Yes, it costs so much to go to college, and the right job is so hard to find in my focus of study.
  No, one's individual debt should be born by the beneficiary of that debt; certainly NOT by others that work to support their own families and pay their own debts, and their taxes.
  I am bereft of knowledge, so who cares?
385 total vote(s)     What's your Opinion?


poll#154
Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?
  Yes, the Democrats have a bold plan, yet to be revealed, to save us.
  No, there will have to be a complete undoing of the damage done by these Democrats.
  I can't do simple math, so how am I to understand the concept of basic economics.
1,181 total vote(s)     What's your Opinion?

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