Elections Warren makes bold claim to begin canceling student loan debt on day 1

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https://elizabethwarren.com/plans/student-loan-debt-day-one?source=soc-WB-ew-fb-rollout-20200114

Stating that we can't wait for congress to act, Warren claims she will-

The Department of Education already has broad legal authority to cancel student debt, and we can’t afford to wait for Congress to act. So I will start to use existing laws on day one of my presidency to implement my student loan debt cancellation plan that offers relief to 42 million Americans

I’ll direct the Secretary of Education to use their authority to begin to compromise and modify federal student loans consistent with my plan to cancel up to $50,000 in debt for 95% of student loan borrowers (about 42 million people).

So federal student loans poof January 2021?
 
Cancelling isn't really the correct wording.

More like deflecting the cost to others.
 
What about the millions of dumbfucks that are actively compiling debt as we speak?
 
Do people who chose not to go into debt to go to an expensive university get $37,000 under her plan?
 
On day 1 she will still be full of shit and I say that as someone actively dropping one
 
I guess that would be cool for a lot of people, as a student who is looking at debt in the future it should appeal to me, but it's kind of vague and probably should be done in a more stable way if we want that change to last. She just seems incredibly desperate at this point.
 
Elizabeth Warren Sees her campaign, chance of winning, slipping away.
She has to start swinging for the fences or she will be watching the election from her teepee.
 
She'll form a committee, investigate the possibilities, then do absolutely nothing of the sort. Bank on that.
 
Bald1 said:
then do absolutely nothing of the sort.
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As it should be. It's not like student debt is a surprise. What about people who saved and worked for college? I guess they get to pay for those who didn't too now.
 
If she is somehow legally able to cancel all of that debt on day 1, that leaves a hundreds-of-billions-to-trillion dollar gaping hole in the future. Okay, that's doable in theory, but that has to be offset by the wealth tax or the reversal of Trump tax cuts, which still have to go through legislation...so...?

If you're going to get ahead of yourself, why not at least start offsetting immediately by doing something like matching people's loan payments? Easier to pay for and something that can be adjusted. I dunno, maybe that's a bad idea for other reasons, but going all-or-nothing when banking on future legislation when you don't even know if you'll control the senate doesn't seem like a great plan.
 
Rygu said:
Cancelling isn't really the correct wording.

More like deflecting the cost to others.
Click to expand...

No, cancelling is more accurate. If you dissolve the lender's interest and refuse to enforce their collections through the courts, no one pays for it. It's not like she would be bailing them out and having taxpayers pay for it.

PolishHeadlock2 said:
I have no idea what kind of authority she has in regards this power but I would love to see who would challenge it in court

Would a state need to bring a lawsuit to stop her?

@Trotsky @Lord Coke @panamaican @Quipling
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Honestly have no idea. I've seen lawyer friends on social media describe the broad authority of the president on this subject, but I haven't read up on it personally.
 
Headkicktoleg said:
As it should be. It's not like student debt is a surprise. What about people who saved and worked for college? I guess they get to pay for those who didn't too now.
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Just one complication amongst many.
 
PolishHeadlock2 said:
Isn't she also pushing free college with this?
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How is that going to help people who already got their degrees from less lucrative schools? It's not like that's going to make someone who earned a degree from Florida International University as marketable as someone who earned a degree from Boston University.
 
Make the banks who tanked the economy pay for it. Solved.

The lamest reasoning regarding why student loan debt shouldn't be forgiven is the line "I had to pay mine..."
 
Why would banks give out future student loans if this goes through? If this goes through she is essentially going to make it so only people who can pay for college can get in. Meaning the rich get richer and the poor get poorer.
 
Fawlty said:
If she is somehow legally able to cancel all of that debt on day 1, that leaves a hundreds-of-billions-to-trillion dollar gaping hole in the future. Okay, that's doable in theory, but that has to be offset by the wealth tax or the reversal of Trump tax cuts, which still have to go through legislation...so...?

If you're going to get ahead of yourself, why not at least start offsetting immediately by doing something like matching people's loan payments? Easier to pay for and something that can be adjusted. I dunno, maybe that's a bad idea for other reasons, but going all-or-nothing when banking on future legislation when you don't even know if you'll control the senate doesn't seem like a great plan.
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She didn't say all of it though, I don't think. So it doesn't really even mean much effectively because it could mean anything.
 
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