{"id":1468579,"date":"2022-05-09T08:14:56","date_gmt":"2022-05-09T12:14:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1468579"},"modified":"2022-05-09T08:15:43","modified_gmt":"2022-05-09T12:15:43","slug":"ny-post-editorial-board-even-with-income-limit-of-125k-bidens-student-loan-forgiveness-is-unfair-to-most-americans","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ny-post-editorial-board-even-with-income-limit-of-125k-bidens-student-loan-forgiveness-is-unfair-to-most-americans\/","title":{"rendered":"NY Post Editorial Board: Even With Income Limit of $125K, Biden\u2019s Student-Loan Forgiveness Is Unfair to Most Americans"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">36<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fny-post-editorial-board-even-with-income-limit-of-125k-bidens-student-loan-forgiveness-is-unfair-to-most-americans%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1468579&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>President Joe Biden is considering <a href=\"https:\/\/nypost.com\/2022\/05\/02\/biden-not-yet-decided-on-student-loan-forgiveness-psaki-says-august\/\">doing mass student-loan forgiveness<\/a>, but \u201climited\u201d to people who make less than $125,000 a year. That\u2019s a clear sign he recognizes the horrible optics of debt-cancellation, which will largely benefit wealthier Americans. Yet the limit is a joke: Forgiveness would <em>still <\/em>help just the small minority of those who\u2019ve gone to college and likely earn more because of that.<\/p>\n<p>For starters, that $125K income cap is 10 times the national poverty line, and many just-out-of-college workers with student loans will easily fall under it (the average entry-level salary for college grads is less than $60,000, per the National Association of Colleges and Employers).<\/p>\n<p>And many of these <a href=\"https:\/\/nypost.com\/2022\/04\/24\/bidens-bribe-to-the-affluent-student-loan-forgiveness\/\">grads will do very well indeed <\/a> \u2014 as doctors, lawyers or CEOs \u2014 later in life, but yet still wouldn\u2019t have to repay their forgiven debt. Indeed, white-collar workers with <em>advanced<\/em> degrees account for nearly half the $1.6 trillion in outstanding federal student debt.<\/p>\n<p>The Committee for a Responsible Federal Budget <a href=\"https:\/\/www.crfb.org\/blogs\/means-testing-student-debt-cancellation-still-costly-and-regressive\">calculates <\/a>that the \u201climited\u201d Biden plan still costs the taxpayers at least $230 billion, with two-thirds of the benefit going to Americans in the top half of incomes. Oh, and: \u201cIt would also worsen\u00a0<a href=\"https:\/\/r20.rs6.net\/tn.jsp?f=0012KExOcnnZwJL0Pj-93THEDfVn5W2lRExOLgK1XY88oez9XafgmgBUWpsWJdTAWwVZkZr_CPGO0TnU3lNopILjFdL09RvVev9lmqswePzxmGznaMFYVehM8tPENXyCDW-C23ZZIDqW8e3dbXBRiL9dXnx2Iq3UyBFcToL8avzSBDDPLXOO05xVvbHuqOlvXjDwEGCuKicDHcuLh6He7dVjA==&#038;c=Kf66r_rbfUMmEaYHYcxgfPQP3iGpPgYuEJ9wJ9QnDsdp5D6mClXiUg==&#038;ch=74Y8DIwTiuEjImZk5VVLx6-mgV9uw49t1mQTWLiVs5GsYtuPgaHfkA==\" rel=\"noreferrer noopener\" target=\"_blank\">inflation<\/a>\u00a0and increase the cost of higher education.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-student-loans-3.jpg\"><\/a><figcaption>People march against student debt around the US Department of Education in Washington, DC on April 4.<\/figcaption><figcaption><span class=\"credit\">Alejandro Alvarez\/Sipa USA<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-student-loans-2.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/05\/biden-student-loans-2.jpg\" alt=\"President Biden\" class=\"wp-image-22174550\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-student-loans-2.jpg?quality=75&#038;strip=all&#038;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-student-loans-2.jpg?quality=75&#038;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-student-loans-2.jpg?quality=75&#038;strip=all&#038;w=512 512w\" \/><\/a><figcaption>President Biden has given indications in the past of his intention to cancel student loan debt. <\/figcaption><figcaption><span class=\"credit\">Susan Walsh\/AP<\/span><\/figcaption><\/figure>\n<p>How is this remotely fair to those who never went to college and, on average, make less? Or to those who <em>did<\/em> go but paid tuition in cash rather than borrow, even when it meant struggling to hold down jobs to earn the money?<\/p>\n<p>Fact is, any way you cut it, loan forgiveness for any select group \u2014 relief of $10,000 per person would clear loans for just 15 million borrowers \u2014 will be unfair to the overwhelming number of Americans outside that group who\u2019d pick up the tab.<\/p>\n<p>Heck, not to give Biden &#038; Co. any ideas, but why not debt-forgiveness for, say, homeowners struggling to pay mortgages? Car owners with auto loans? Folks who put too much on their credit cards?<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-student-loans.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/05\/biden-student-loans.jpg\" alt=\"American University student Magnolia Mead puts up posters near the White House promoting student loan debt forgiveness on April 29.\" class=\"wp-image-22174554\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-student-loans.jpg?quality=75&#038;strip=all&#038;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-student-loans.jpg?quality=75&#038;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-student-loans.jpg?quality=75&#038;strip=all&#038;w=512 512w\" \/><\/a><figcaption>American University student Magnolia Mead puts up posters near the White House promoting student loan debt forgiveness on April 29.<\/figcaption><figcaption><span class=\"credit\">Evan Vucci\/AP<\/span><\/figcaption><\/figure>\n<p>Plus, forgiveness presumably would be a one-time event: Only those who hold debt right now would qualify for relief. If you\u2019ve already paid off your loan, well . . . consider yourself a sucker.<\/p>\n<p>Ditto for those who borrow in the future, unless there\u2019s even <em>more<\/em> forgiveness down the road, which would only encourage more borrowing \u2014 and drive tuitions higher still.<\/p>\n<p>That\u2019s the biggest flaw with student-loan forgiveness. It neglects the root problem: over-borrowing for overpriced colleges that too often fail to ensure graduates earn incomes sufficient to repay the debt.<\/p>\n<p>Biden doesn\u2019t care about <em>that<\/em>: He\u2019s got one eye on his progressive base and the other on the potential votes of student-loan holders. Everyone else can just lump it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden is considering doing mass student-loan forgiveness, but \u201climited\u201d to people who make less than $125,000 a year. That\u2019s a clear sign he recognizes the horrible<\/p>\n","protected":false},"author":489,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1468579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1468579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/489"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1468579"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1468579\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1468579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1468579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1468579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}