Psaki: Canceling Student Debt ‘on the
Table’ – Relief from Inflation Is
‘a Big Part of the Consideration’

Let’s make that retroactive so all the people who worked hard, paid their bills can get back what is owed to them../s When Snowflakes run the country it is rainbows and lollipops and unicorns for all.

My car loan and mortgage (30 years!) are big burdens too. Like student loans, I knowingly signed the promissory notes saying that I would pay them back without the expectation that someone else would. That is life as adult. It is time to stop treating these college graduates (and non grads) as adults, not like little children. Meet your financial responsibilities, figure out how to pay your loans. Be adults! Not children in adult bodies.

Sure, why not. Cradle to grave is just down the road anyway.

If it is bad government policy, the dems are all in. This nightmare cannot end soon enough.

More diktats from Zhoa to keep the peasants happy. Party on.

Done deal.

In 1990 my student loan balance was $15,000. Over 3 years the loan was repaid —- an estimated principle and interest total of $16,400, which is equal to approximately $32,800 in 2022 dollars. As Poster 1 said, let’s make this retro. /sar

Make the endowment funds of colleges and universities pony up first. As quickly as federal guaranteed student loans were made easy to get, the colleges and universities raised tuition rates. No one can deny that schools such as the Art Institutes opened up in poor areas of metropolitan areas to get students... to get them to get the federal loans and enrich the owners. Senator Olympia Snowe's husband, John McKernan, did this. Senator John McCain killed the investigations into the scam.

This is clearly a last ditch desperate effort to recapture the youth vote. My guess is that it will be a 50/50 split between those who will vote for the Ds because of it and those who will vote against them because of it. Any young person who worked hard to pay for their own education will think it's unfair, and so will any young person who paid off their own loans and so will all the young people who didn't go to college, or who joined the military for the education benefits. Not to mention all the parents who paid for their kids' college bills. You can see it already on discussion boards. It isn't overwhelmingly popular, even on far left sites, like DU.

So, relief from inflation is the cause on which they're going to hang this gigantic drain on Taxpayers' wallets! This explains why inflation had to be created and increased. This will be only the first of such thefts. On deck: reparations.

My husband paid for his own college education. We are currently paying half of our son's debt balance. It is your debt, you pay it. Where does it stop? I am sure that in the name of "social justice" the dems will want all public colleges to be "free" from now on. It's only fair going forward. Can a home, new car, 6 weeks paid vacation, a clothing allowance, food budget money, etc be far behind? Sneaking socialism in. Why does America have so many stupid people living here? Oh right, CRT and tranny dreams are being taught instead of a real education.

Cancel student debt while continuing to "lend" money to college students? Makes no sense.

Let me put it simply, so even a politician can understand. If you don't repay your debts, you are a thief.

#12, Great observation!! We used to say in the vulgar radical 60's,,,,,,,"Fighting for peace is like "effing" for chastity!" ... your observation is close to the same. There should be a jingle gem in your statement!

Biden's big plan (i.e., via Puppet Master) Americans in debt to the government from the Womb to the Tomb. Great week to bring THAT up, pstupid psaki.

The closer we get to the November elections the more nights the Left will stay up figuring out ways to buy votes. Oil drilling yesterday; student loans today. More stiumulus dollars tomorrow??

Student loans wouldn't be cancelled, they'd just be shifted onto taxpayers! You kids went into debt on worthless things like Women's Studies, etc...you made a bad decision. Sorry, but grow up and live with it!!

Hey, it's only OPM. What's next? Mortgages? Car/truck loans? Vacation debt relief? Furniture? Plastic surgery?

Jimmy Carter, back around 1978, changed the game on college costs and student loans. Remember that he created a separate agency for Education, removing it from Health, Education, and Welfare. Up until that time, student loans took into consideration parents' income, and the maximum loan was 1500 dollars. (I took out just one student loan for my doctorate, at that maximum amount.). Under the new Department of Education, parents income was essentially ignored, and the student was fully responsible paying it back. And under the Department of Education, colleges and universities could increase tuition, as well as room and board, and they did so, sometimes wildly. But the students ignored that, because the student loan was wrapped into their 'financial aid' package. How greedy were the colleges and universities? I was a dean of a school of business at a private university, and reported to the Academic Vice President. The AVP, who fancied himself an expert on university finance, often suggested that 'there was room for a 20% increase in tuition.' What did he mean by that? There was room for the increase because students could pay for it with student loans. Note that there was no connection with improvements of any kind at the school, just the ability to gouge the students. The other part of the cost of school had to do with dorms. Back around 15 years ago, there was a movement by many schools to build fancy dorms with private bedrooms and baths, in the form of apartments, 'because students were demanding that kind of living arrangement.' So many schools tore down perfectly good brick dorms, with double rooms and group bathrooms, and built the fancy apartments. But the students didn't want to pay the extra dorm costs for the fancy apartments, and many schools went deeply in debt, with the fancy dorms standing empty. (Edinboro University here in Erie County, Pa just yesterday announced that they were selling a fancy dorm complex to the highest bidder. Mixing unknown populations with college students has significant risk, and Edinboro may be acting foolishly - as foolishly as when they built those fancy dorms a decade ago.) As my students often said, "Just what is your point, Professor?" My point is that this canceling of student debt will encourage colleges and universities to go crazy on spending again, getting into the same mess that the student loans did to them back under Jimmy Carter.

Just give everyone a printer and let them print up whatever amount of money they want. $60k in student loans? No problem. Just print out $60k and be done with it. Of course, inflation's bad now, but we can definitely make it much worse.

Cancel the outrageous mortgages the parents have to pay. Then we can pay ourselves for the kids to go to college.

Canceling these debts, or any debt will only ADD to inflation. The problem is not that there is not enough money circulating, rather there is too much in competition for the goods available. The supply side cannot keep up - and it all adds up to inflation. But, I'm sure the crack economists at the Fed and think tanks will jump into this debt forgiveness scheme with both feet, praising our addled President for the attempt, even if the outcome is exacerbation. The "cure" for inflation is years long and economically painful for many people. It carried on for 15 years the last time, from LBJ to Reagan, before being brought under control with grossly high interest rates - like 20% mortgages. Those TRILLIONS peed away on COVIDS relief are the real causes...and now we pay the consequences, one way or the other. Get ready for the long term.

The Democrats are really getting desperate. Watch as they throw everything they can at every special interest group in their vile party to "buy" votes. November has to be a blow out at the polls for this country to have a fighting chance to survive as a republic. I, like many, paid every penny of my student loans back. I helped my children in paying their student debt down. Now we are expected to pay for many who wasted money on worthless majors or degrees. This will so sit well with many hard working American voters.

Send me some free money I need to buy gas.

Of course they want to keep the student loan program. How else would all those universities be able to afford to pay politicians like Joe Biden and Elizabeth Warren hundreds of thousands of dollars for doing nothing? And if they can make American taxpayers pay off those loas, even better.

Idiot! Inflation HELPS people who have large debts! Although wages may not quite keep up, they do increase. The debt is in FIXED DOLLARS! and becomes a smaller fraction of one's salary. So she says inflation spurs the need for forgiving debt?

This is so very wrong. I worked to keep from being in debt from school, as did huge numbers of others. Many others have paid off their student debts. It is wrong to cancel this debt, very wrong.

#16 Add corn farmers to the list.

Biden painted himself in the corner on this one. If he does not cancel the loans, the left wilng of the party will condemn him. If he does cancel the loans, he is givng the virtual finger to millions of American taxpayers.