{"id":393778,"date":"2021-04-06T19:28:43","date_gmt":"2021-04-06T23:28:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=393778"},"modified":"2021-04-06T19:28:45","modified_gmt":"2021-04-06T23:28:45","slug":"schumer-is-wrong-to-assume-cancelling-student-loan-debt-will-close-the-wealth-gap","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/schumer-is-wrong-to-assume-cancelling-student-loan-debt-will-close-the-wealth-gap\/","title":{"rendered":"Schumer Is Wrong To Assume Cancelling Student Loan Debt Will Close The \u2018Wealth Gap\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/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%2Fschumer-is-wrong-to-assume-cancelling-student-loan-debt-will-close-the-wealth-gap%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=393778&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--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-645.jpeg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>Senate Majority Leader Chuck Schumer (D-NY) on Tuesday made the case for cancelling $50,000 in student loan debt for borrowers across the nation. According to the senator, student loan debt burdens millions of Americans and \u201cright now\u201d is the time for lawmakers to act.<\/p>\n<p>Schumer described getting a higher education as a \u201cladder up\u201d with \u201cstudent debt being a weight down.\u201d He cited a number of reasons for Americans taking on massive student loan debt, including the skyrocketing cost of tuition and low-wage jobs that are available for college students.<\/p>\n<p>\u201cSo many people have a mountain of debt on their shoulders. Americans are $1.7 trillion [in debt]. Nine million students, former students, are in default on their loans. It gets worse and worse and worse,\u201d Schumer said during a video chat.<\/p>\n<p>Having student loan debt, according to Schumer, dictates what path Americans decide to take and what big ticket purchases they decide to make. A growing number of Americans\u2019 student loans are having a drastic strain on the economy as well, he explained.<\/p>\n<p>But what he is most concerned about is the \u201cwealth gap\u201d that is created.<\/p>\n<p>\u201cThe average black borrower owes more than 100% of their loan balance, even after 12 years after college,\u201d Schumer said. \u201cSo this is not only a problem for the whole country, for the economy, and for students, past and present and their families, but it\u2019s also part of treason that we have such a division between black and white and wealth and income.\u201d<\/p>\n<p>The Senate majority leader made the argument that President Joe Biden has the \u201clegal authority\u201d to cancel $50,000 worth of student loan debt for each outstanding borrower. It can done with a \u201cflick of the pen\u201d through executive action, Schumer said.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"6.7058823529412\">\n<p lang=\"en\" dir=\"ltr\">Sen. Chuck Schumer on canceling $50K of student debt: &#8220;We ought to go do this right now.&#8221; <a href=\"https:\/\/t.co\/aBdQXDMWI5\">pic.twitter.com\/aBdQXDMWI5<\/a><\/p>\n<p>\u2014 The Hill (@thehill) <a href=\"https:\/\/twitter.com\/thehill\/status\/1379539660452548614?ref_src=twsrc%5Etfw\">April 6, 2021<\/a><\/p>\n<\/blockquote>\n<p>This issue is not as simple as Schumer makes it out to be.<\/p>\n<p>For one, when students took out a loan, they signed their name and promised to pay it back with interest. A loan is just that.&nbsp;<em>A loan.&nbsp;<\/em>A promise to repay what was taken. This is not a scholarship. This is not \u201cfree money\u201d for all who want it. This is a commitment to your neighbors to give the federal government the hard-earned taxpayer funds that were&nbsp;<em>lent&nbsp;<\/em>to the student.<\/p>\n<p>In America, we have this notion that we are entitled to&nbsp;<em>anything&nbsp;<\/em>and&nbsp;<em>everything&nbsp;<\/em>and we are not. Every single one of us who chose to go to college, to get an education, made that choice because we thought that was the best choice for ourselves and our families. We saw a potential to not only obtain an education but to also land a job that pays more. Making the conscious effort to choose the college path means taking <em>all&nbsp;<\/em>that comes with that path. For many of us, that means going into debt to get to where we need to be. Having to pay back a loan for your education also means you are far more likely to take it seriously. After all, it is<em> your<\/em> money at stake, not someone else\u2019s.<\/p>\n<p>It is absolutely unfair to tell men and women who never went to college to foot the bill for those of us who made a conscious decision to get a higher education. The majority of those who went the trade route did so because they did not want the mountain of student loan debt Schumer referred to. Telling them to suddenly suck it up and pay for their neighbor\u2019s education is not only <em>wrong<\/em> but it\u2019s un-American.<\/p>\n<p>But this brings about a bigger issue: college is not the answer for everyone. We need to stop telling high schoolers that college is the only way out of poverty, that they will never amount to anything if they choose not to attend a university. The truth is, in many instances, those who chose trades \u2013 like <a href=\"https:\/\/www.ferguson.com\/content\/trade-talk\/business-tips\/how-much-money-do-plumbers-make\">plumbers<\/a> and <a href=\"https:\/\/www.forbes.com\/sites\/andrewdepietro\/2019\/11\/14\/electrician-salary-state\/?sh=488b332067de\">electricians<\/a> \u2013 are making more than those with bachelors degrees.<\/p>\n<p>We continually hear things about the \u201cwealth gap\u201d and how people of color are left behind with this mounting student loan debt. Every single one of us with student loans in our name \u2013 myself included \u2013 made a conscious choice to go to college. No one forced us to. No one made us to sign our names on loans for tens of thousands (sometimes hundreds of thousands) of dollars. We made an adult decision and&nbsp;<em>literally&nbsp;<\/em>have to pay the price for that. That price tag varies on a number factors, many that are of our own choosing, like what university we attended, where we lived, how many credits we took at a time, and how long it took us to complete our program.<\/p>\n<p>Just like with everything, there are exceptions. Some people had to work their way through college. Some had mom and dad who helped out. Many fell somewhere in the middle, where they worked <em>and&nbsp;<\/em>received a bit of financial support from their families. But it is disingenuous to definitively say all white people were handed everything on a silver platter and minorities were given the short end of the stick.<\/p>\n<p>We are Americans<em> first<\/em> and the color of our skin second. We live in the greatest country in the world, with the so many opportunities. Whether or not we decide to pull ourselves up by our bootstraps is dependent upon us. But being handed everything is<em> not<\/em> the American spirit, or at least not the one I grew up with.<\/p>\n<p><em>Beth Baumann is a Political Reporter at The Daily Wire. Follow her on Twitter&nbsp;<a href=\"https:\/\/twitter.com\/eb454\">@eb454<\/a>.<\/em><\/p>\n<p><em>The views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire.<\/em><\/p>\n<p><em>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a&nbsp;<a class=\"in-cell-link\" href=\"https:\/\/www.dailywire.com\/subscribe\" target=\"_blank\" rel=\"noopener noreferrer\">member<\/a><a class=\"in-cell-link\" href=\"https:\/\/www.dailywire.com\/subscribe\" target=\"_blank\" rel=\"noopener noreferrer\">.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senate Majority Leader Chuck Schumer (D-NY) on Tuesday made the case for cancelling $50,000 in student loan debt for borrowers across the nation. According to the senator, student loan debt &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2311771,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-645.jpeg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Schumer Is Wrong To Assume Cancelling Student Loan Debt Will Close The \u2018Wealth Gap\u2019","footnotes":""},"categories":[],"tags":[],"class_list":["post-393778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-645.jpeg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Schumer Is Wrong To Assume Cancelling Student Loan Debt Will Close The \u2018Wealth Gap\u2019","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/393778","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=393778"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/393778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2311771"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=393778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=393778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=393778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}