Ilhan Omar Goes on Student Debt Rant After Biden Says He Won’t Cancel Loans

After a Tuesday evening town hall, president Joe Biden said he will not cancel up to $50,000 of student loans, prompting backlash from the progressive wing of his own party. 

“I will not make that happen,” Biden said when asked what he will do to cancel up to $50,000 in student loans. 

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Rep. Ilhan Omar Urges Biden to Cancel $50,000 of Student Debt Per Person

Rep. Ilhan Omar (D-MN-05) has introduced a “bold resolution” asking President-elect Joe Biden to federally remove $50,000 of student loan debt per person.

The congress member introduced the resolution alongside Reps. Ayanna Pressley, Maxine Waters, and Alma Adams. The resolution outlines a path for Biden to use “excessive authority” to remove student loan debt while simultaneously ensuring there are no tax liabilities for federal student loan borrowers.

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Commentary: Loan Reform Requires Colleges With Skin in the Game

President Trump’s recent budget proposal calls for reforms to the federal student loan program, so that colleges that “accept taxpayer funds have skin in the game through a student loan risk-sharing program.” Certainly, a change in the student loan program is long overdue.

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Omar Joins Bernie Sanders to Introduce Bill Cancelling All $1.6 Trillion in Student Loan Debt

  Rep. Ilhan Omar (D-MN-05) joined Sen. Bernie Sanders (I-VT) Monday to introduce a bill that would cancel all $1.6 trillion in student loan debt for 45 million Americans. Omar, who’s sponsoring the legislation in the House, joined Sanders and several of her House colleagues at a press conference outside…

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Commentary: Forgiving Student Debt Isn’t the Solution to Anything

by Preston Cooper   The time-honored American tradition of outlandish political promises continues apace. Now, the spotlight is on student debt. Democratic presidential candidate Elizabeth Warren added to the debate recently when she put forward a proposal to cancel $640 billion worth of federal and private student loans. Warren touts…

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Federal Report Says Millennials Are Poorer Than Other Generations

by Ryan McMaken   One of the challenges in looking at income and wealth data is getting a sense of how different demographic groups are affected. It’s relatively easy to find median income and wealth data over time for the entire population, for example. But then problems of interpretation immediately…

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