A federal court in St. Louis blocked Joe Biden’s plan to cancel student debt for millions of Americans Monday, throwing the president’s signature program into question in all 50 states.
“The court’s 6-page ruling singled out the impact on a large, Missouri-based holder of student loans called the Higher Education Loan Authority of the State of Missouri,” reports The Hill.
#BREAKING: Appeals court blocks Biden student debt cancelation plan https://t.co/vUq45z1ANi pic.twitter.com/JF4DnyBtg6
— The Hill (@thehill) November 14, 2022
“[T]he equities strongly favor an injunction considering the irreversible impact the Secretary’s debt forgiveness action would have as compared to the lack of harm an injunction would presently impose,” the panel wrote. “Among the considerations is the fact that collection of student loan payments as well as accrual of interest on student loans have both been suspended.”
Read the full report here.
First, student loan debt forgiveness is a band-aid at best.
Second, republicans trying to deny a band-aid is not a winning strategy. I think we just witnessed that in the 2022 mid-terms.
Finally, check out the College For All Act. It would eliminate tuition and fees at four-year public colleges and universities for families making up to $125,000 (about 80 percent of the population!) and make community college tuition- and fee-free for all.
And how do we pay for this? A wall street speculation tax of just 0.5 percent on stock trades, a 0.1 percent fee on bonds and a 0.005 percent fee on derivatives, would raise at least $600 billion over the next decade… easily covering the cost of the act with no additional tax burden to the American public. Think this is radical? Not so! Some 40 countries have already imposed a similar tax to fund higher education, including Germany, Finland, Denmark, Iceland, Norway, Sweden, etc.
If you truly want to make America great, then educate the children and prepare them for higher paying jobs in advanced fields.