Although President Joe Biden has supported canceling $10,000 in student debt for individuals, some lawmakers are pushing him to go higher and forgive $50,000. But Biden and other influential figures argue that former Ivy League students and Wall Street financiers would be the main beneficiaries.
At a CNN town hall last week, Biden said that forgiving $50,000 would be erasing the billions of dollars in debt for people who have gone to Harvard and Yale and Penn.
Similarly, former Treasury Secretary Larry Summers, once president of Harvard University and a partner at a hedge fund, said this subsidy would go toward high earners who work in finance.
I find it ironic and pathetic that the progressive wing o…
Read the full article at: https://www.marketplace.org/2021/02/26/why-is-there-so-much-resistance-to-forgiving-50000-in-student-debt/