These include the overall cost and the fact that forgiveness does not directly address the core issue of rising college costs.Ĭancelling $10,000 or $50,000 across the board is "really badly targeted," Gillen said in an interview with Yahoo Finance.
Some right-leaning academics, including Andrew Gillen of the Texas Public Policy Foundation, argue that there are a variety of problems with cancelling student loan debt. Every instance of a student loan was a voluntary choice that person made." "To my knowledge, everyone with student loans voluntarily took them. "How can we honestly ask people who did not go to college to subsidize the lives of those who did decide to go to college?" Bach added. And given that any broad-based forgiveness would cost tens of billions of dollars, all taxpayers - not just by those who have a college degree - would be contributing to the cost of cancellation. Research has shown that a college degree generally boosts an individual's earnings over their lifetime.
"While some may view this debt forgiveness as a slap in the face to people who were responsible and paid off their student loans, this is a bigger slap in the face to those Americans who never went to college," Will Bach, a financial advisor based in Ohio, told Yahoo Finance. “Then there’s something wrong and that disappointment factor starts to show up.” by AnonymousĪs the president weighs broad student loan forgiveness, some Americans expressing frustration over a policy they see as unfair. “I think that when you have a community that feels that it rescued the Democratic Party, maybe rescued American democracy, and can’t get police reform done after George Floyd?” he said. “In fact, because of inflation and other things, it’s gotten worse and so you’re starting to see that disappointment factor set in.”īeyond economics, Black voters who supported Biden and the Democratic Party during the 2020 election feel they haven’t gotten anything in return, Jones said, blasting the administration for having “overpromised” and “undelivered,” failing to move significant legislation through the Senate. “The day-to-day day reality for Black folks hasn’t improved,” Jones declared. “At the end of the day, ordinary folks are looking at their bills,” he said.Īmericans have particularly felt the effects of inflation in gas prices and their grocery bills. The other central factor to poor polling is record inflation, Jones said, naming the issue as the main factor making the daily lives of Black Americans worse. “If you look at voting rights: so far nothing,” he said, adding that there has been little to no progress on other key issues, too, such as police reform, and student loan assistance. I think a lot of Black voters feel like the Black community gave the most during the election, the historic election in 2020, and have gotten the least,” he told Berman. “I think that there’s a disappointment factor that’s set in. The daily lives of Black Americans have gotten worse under President Joe Biden, CNN political commentator Van Jones declared on Friday.Īppearing on CNN’s New Day with co-host John Berman, Jones ripped into Biden’s White House and Democrats when discussing sinking poll numbers, specifically among Black voters.Ī Gallup poll released earlier this month gave Biden an approval of 67 percent among Black adults, which was a drop of 20 percent since he entered the White House.Īsked what is behind the slipping in approval ratings among Black voters, Jones said they feel that they have gotten the least since the election of Biden, but put in the most.