Name: Biden wants to cancel $10k per person of student loan debt. But it won't address the root issue
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Biden wants to cancel $10k per person of student loan debt. But it won't address the root issue

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There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families.&nbsp;And the crisis is rapidly getting worse.By the numbers: Student debt — which stands at $1.55 trillion — is the biggest category of debt Americans owe, aside from mortgages.What's happening: Biden has proposed immediately cancelling $10,000 of federal student loan debt for every borrower. The move would cost .Yes, but: Here's what that alone wouldn't do: Insurmountable student debt is a recent phenomenon, Looney says. It's been growing at six times the rate of the U.S. economy, and it's only getting worse.What we're watching: Among the American public, canceling debt isn't a fringe or far-left idea any more.Vice President Kamala Harris, the daughter of Jamaican and Indian immigrants, is the first graduate of a historically Black college or university to enter the White House — and her background reflects the changing demographics at HBCUs.Why it matters: Harris‘ accession highlights the often overlooked legacy of HBCUs, which have educated Black students for generations. Today, the schools also attract Latino and Asian American students, as well as students from immigrant families, amid a transforming nation. History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.Why it matters: The world's poorest were already in a race against time, an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the .Kevin McCarthy is learning you can get torched when you try to make everyone happy, especially after an insurrection.Why it matters: The House Republican leader had been hoping to use this year to build toward taking the majority in 2022, but his efforts to bridge intra-party divisiveness over the Capitol siege have him taking heat from every direction, eroding his stature both with the public and within his party.

There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families.&nbsp;And the crisis is rapidly getting worse.By the numbers: Student debt — which stands at $1.55 trillion — is the biggest category of debt Americans owe, aside from mortgages.What's happening: Biden has proposed immediately cancelling $10,000 of federal student loan debt for every borrower. The move...

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Biden wants to cancel $10k per person of student loan debt. But it won't address the root issue

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