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Beth Daugherty's avatar

Dear Bulwark readers. Many people are misreading what Biden announced. Par for the course. Number one, people will not get checks in the mail -- they will simply have less debt to pay. Hardly inflationary. Number two, there has been plenty of debt forgiveness of many other entities recently -- small businesses, congresspeople who filed claims during covid, etc. Number three, the people this debt relief will help truly deserve the help. Pell Grants have been cut drastically -- they used to cover 80% of a college education; now it's 30% -- so what has happened since the 1980s is that the country's funding of higher education has been cut, wages have not kept up with inflation, and students and their families have been forced to take out more debt. Debt that hasn't always been fairly administered. Many of the people needing debt relieft HAVE been paying -- the problem is, their debt has not gone down. I think some of you are missing the story, and some of the Democratic senators are, too. It would help if you'd go into the fine print and if you would talk to some black women who have tried like hell to get on their feet and have been unable to do so because of debt.

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HJS785's avatar

From Newsweek...

Excerpt 1

"As of July 4 this year, 10.2 million PPP loans, introduced to support small businesses, had been fully or partially written off."

Excerpt 2.

"After conservative attacks on the student debt plan, progressive groups pointed out that a number of GOP politicians had benefited from PPP write-offs.

The Center for American Progress posted a tweet showing that companies owned or part-owned by 13 Republican members of Congress had received PPP loan forgiveness.

The 13 include Rep. Marjorie Taylor Greene of Georgia, who received $183,504 in PPP loan forgiveness for her company Taylor Commercial. She has criticized the president's student debt plan in appearances on Newsmax and Real America's Voice."

The average PPP forgiveness is $72,500. So what is the difference?

Hypocrisy abounds.

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