A study by the University of Pennsylvania’s Wharton School found that “Between 69% and 73% of debt forgiven accrues to households in the top 60% of income distribution” and the total cost could reach $1 trillion.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Speaker Nancy Pelosi, on Aug. 24, 2022, said: “President Biden’s bold action is a strong step in Democrats’ fight to expand access to higher education and empower every American to reach fulfillment. By delivering historic targeted student debt relief to millions of borrowers, more working families will be able to meet their kitchen table needs.”Article content
Charlie Rose, General Counsel, former Obama Department of Education, on May 7, 2021, agreed with Pelosi. Rose said: “If the issue is litigated, the more persuasive analyses tend to support the conclusion that the Executive Branch likely does not have the unilateral authority to engage in mass student debt cancellation.”
Under the category of “you cannot make this up,” Harvard Law professor Laurence Tribe tweeted, “Good news for thousands of my former students. I’m grateful on their behalf, Mr. President.” In other words, the prof celebrates loan forgiveness for Harvard law grads, those most capable of paying off their own loans. Let’s hear it for reparations for rich white people!
Finally we catch a break.