Brandon got woke and America LIKES it.
We got action on Climate Change, right on!
And now we got Student Loan Reduction. Sweet!
You take somebody white, that got a student loan, finished college, got the dream job, they can pay off the loan. Nice! That's the way it's supposed to work.
You take somebody often black, got the loan, either ran into hard times and couldn't finish, maybe had unwanted children had to support, family member sick or dying - had to take care of, who knows what, or did finish and got discriminated against, did not get the dream job, now they are working at whatever they can find. Maybe it's enough to get by, but it's not enough to pay off the student loan.
So you have this person who made a bad choice, or had a run of bad luck, and they're stuck with crippling debt they can never catch up on.
One person is able to pay it off and they pay a minimal amount of interest on that.
The person who can't pay it off, OK, no problem, just tack on more interest and give it more time. Give them a life sentence of increasing debt. And it cannot be resolved with bankruptcy.
Next thing you know, even though they originally borrowed $25K, now it's up to $50K, 60K even more. It's more than they will ever be able to pay off.
Just like a buy here pay here scam, or a payday loan joint, they are stuck with payments for life. Payments they can never hope to finally pay off because they never got the dream job.
That's ridiculous. The successful person, in and out, pay it off, done, move on with life saving , earning, building wealth.
The person who tried and failed, punished for life with crushing payments, dejected, no hope of ever owning a home or building wealth no matter what they do. Hopelessness results. Stuck as a permanent renter. Resenting the system.
That's a recipe for disaster.
President Biden is woke. He is addressing this problem.
We like woke.
Woke means people who care about other people.
Nobody is gonna pay off crushing student loan debt driving Uber.