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Schumer: Biden 'considering' cancelation of $50k in student loan debt for every borrower making under $125k a year
Photo By Tom Williams/CQ Roll Call

Schumer: Biden 'considering' cancelation of $50K in student loan debt for every borrower making under $125K a year

Translation: A massive tax increase for many Americans

Senate Minority Leader Chuck Schumer (D-N.Y.) said Monday that former Vice President Joe Biden is "considering" forgiving $50,000 in federal student loan debt for every borrower with an annual salary of under $125,000 — a move that would place an incredibly heavy burden on taxpayers.

More than 40 million Americans currently have outstanding federal loans, amounting to a whopping total of $1.54 trillion in debt.

What did he say?

"We have come to the conclusion that President Biden can undo this debt, can forgive $50,000 of debt the first day he becomes president," Schumer announced to supporters outside of his New York office. "You don't need Congress; all you need is the flick of a pen.

"I have told him how important it is. He is considering it," Schumer added after a reporter asked if he had spoken to Biden about the proposal. "We believe he does [have the executive authority], and he's researching that. I believe that when he does his research, he will find that he does."

During the 2020 Democratic primary, Biden expressed support for a Democratic legislative proposal that would immediately cancel up to $10,000 in debt for each borrower. But since then, progressives in the party have been urging the former vice president to bypass Congress and cancel the debt by executive fiat.

Whether it is constitutional for a president to take such an action remains in question.

What else?

Later during the event, a reporter pressed Schumer on the equity of debt cancelation.

"What about the families that have made sacrifices to pay off the student loans for their students? What about the students who have paid off their student loans?" the reporter asked.

"Look," Schumer responded, "lots of students paid off student loans, but it's such a burden it's good for everybody to make sure this debt is vanquished."

After the event had concluded, one of individuals standing next to Schumer, mocked the reporter's question, brushing it off as just the "Fox News perspective" on the issue.

"These people have great futures, but they are burdened by debt ... we want to remove it," Schumer had plainly stated during the event.

Yet, despite Schumer's portrayal of debt cancelation as an obvious, kind solution, in reality, it is far from either. As TheBlaze previously reported, contrary to what progressive politicians claim, "'canceling debt' is not something that actually exists. Lawmakers could remove a borrower's liability for re-paying the debt, but the debt will be shifted onto someone" and "in the case of federal student loans, the burden would be further shifted onto taxpayers."

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