NAACP president Derrick Johnson slammed President Biden’s reported plan to cancel up to $10,000 in student loan debt for some borrowers, claiming the unprecedented move doesn’t go far enough.
“President Biden, canceling $10,000 in student debt is like pouring a bucket of ice water on a forest fire. In other words, it won’t do anything, especially for the Black community,” Johnson said in a statement on Friday.
“The Black community will be watching closely when you make your announcement, but $10,000 is not enough. $10,000 in cancelation would be a slap in the face,” Johnson added. “President Biden, it’s not about whether you can do it, it’s about whether or not you have the will to do it.”
Johnson’s comments come after the Washington Post reported that the White House intends to cancel up to $10,000 in student loan debt per borrower making less than $150,000 a year, citing people familiar with the matter. Johnson argued in his statement and in a Twitter thread that black Americans were disproportionately affected by the student debt crisis, citing studies by the Brookings Institution.
“On average, Black borrowers have nearly $53,000 in student loan debt four years after graduation—almost twice as much as their white counterparts,” Johnson wrote on Twitter. “37.5% of Black borrowers will default at some point, compared to 12.4% of white borrowers.”
The White House had planned to make an announcement on student debt within the coming days, but will likely wait in light of the school shooting in Uvalde, Texas, the Post reported. The Biden administration announced in April that it would renew a pause on student loan payments through the end of August.
Some congressional Democrats including progressives such as Representative Alexandria Ocasio-Cortez (D., N.Y.) have called on the president to forgive student debt via executive action. House Speaker Nancy Pelosi (D., Calif.) said in July 2021 that Biden does not have the authority to do so and must be accomplished via “an act of Congress.”
“The president can't do it, so that's not even a discussion,” Pelosi said at a press conference. “Not everybody realizes that, but the president can only postpone, delay, but not forgive.”
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