In today’s episode of how to use blacks and race hustling in any political agenda. Let’s talk about it!
On April 6, President Joe Biden announced that his administration would extend the student loan repayment pause through Aug. 31, 2022.
More than 43 million Americans owe a combined $1.6 trillion in student debt held by the federal government according to the U.S. Department of Education. 15% of Americans have federal student loan debt.
55% of all student loan debt is held by White and Caucasian student borrowers. 20% of loans go to Black students.-educationdata.org
President Joe Biden promised to forgive $10,000 per borrower while on the campaign trail.
Congressional Democrats want at least $50,000 in debt per borrower cancelled. Some want all student debt cancelled.
Biden has indicated that if he uses executive action, it would not be for more than $10,000 per borrower.
Proponents of student debt forgiveness say it will help the economy by freeing up paychecks for millions of Americans and could play a critical role in addressing the racial wealth gap while building the Black middle class.
Opponents arguing against student debt forgiveness say it moves the cost of the loans to taxpayers and would increase inflation.
Student debt cancellation is 'racial justice,' 'gender justice,' 'economic justice.-Rep. Pramila Jayapal:
Will forgiving student debt mean racial equity or equality for Blacks?
Much of the current data and talking points come from polls that focus on the perceived impact student loan debt has on the borrower.
About six in 10 U.S. adults, 62 percent, said their federal student loans negatively affect their mental health- CNBC Poll: “Invest in You” January 2022
While Blacks comprise only a portion in the minority groups who hold student loans, the entire argument to cancel debt is propped up by those saying what it will do to help blacks overcome a wealth gap.
If Politicians were serious about wanting to close the racial wealth gap for Blacks, reparations would be at the forefront of conversation. Not cancelling some of the debt of Black students.
How does eliminating the debt of everyone amount to equity for Blacks?
Notice I don’t use the term people of color. Black people are tired of being used as pawns in these alleged social justice political agendas.
Will forgiving student debt mean racial equity or equality for Blacks? In a word, no. The percentage of adult Blacks who have student loan debt, if cancelled, is not great enough to bridge any wealth gaps for Blacks as a whole.
This has solely been my JADED opinion. Leave yours in the comments below.