Should Biden cancel the student debt?

Remington A. Gregg. and Neal McCluskey

Yes, canceling student debt would narrow the racial wealth gap and boost our economy

President-elect Joe Biden has the power on day one as president to help close the racial wealth gap and boost the economy for a country on the brink of economic disaster by clearing the debts of all 45 million borrowers in full .

Student borrowers have a glaring debt of $ 1.6 trillion – $ 1.37 billion owned by the federal government. Before the federal government suspends student loan payments as part of its spring coronavirus stimulus package, one person defaulted on student loans every 26 seconds. By 2021, borrowers are expected to have $ 2 trillion in student debt.

Millions of people struggle to provide for their necessities and to meet their loan obligations. The coronavirus health and economic crisis has made the situation worse. As of last week, the unemployment rate among African Americans has nearly doubled the unemployment rate for whites, and more than 8 million people have fallen into poverty since May. Black and Latinx people are forced to borrow at higher rates and in greater amounts because of racial inequalities in income and wealth.

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