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Current Event 1

Topic of Article: Joe Biden’s Loan Bailout Title of Article: Senators duke it out over Biden’s student-loan bailout: ‘Monumentally unfair’

Senators duke it out over Biden's student-loan bailout: 'Monumentally unfair'

Who

This story is mainly centered about President Joe Biden and his administration, but it also mentions people like Republic Senator Roy Blunt of Missouri, Democratic Representative Tim Ryan, and many more people holding political positions.

What

The story is about President Joe Biden’s student-loan bailout.

  1. Biden promised that his administration would forgive $10,000 for borrowers under the condition that they were earning less than $125,000 individually or $250,000 as a family
  2. Republican Senator Roy Blunt said “[You] could have a joint filing where one of the people’s currently not working and the other one makes $250,000. And they get $20,000 forgiven by the federal government. That’s just wrong”
  3. An analysis by the Committee for a Responsible Federal estimated that the cost of this student-loan forgiveness will cause the taxpayers \(400-\)600 billion over the next 10 years
  4. Democratic Representative Tim Ryan thinks that Biden’s plan sends the “wrong message”

When

This story took place this week, and the White House published a paper about Joe Biden’s plans on August 24, 2022. This article which was published August 28, 2022.

Where

This event primary affects the people that live in the United States, primarily college students, as well as taxpayers in general

Why

This story is important as this is a highly controversial issue, especially because it is related to economics as well as the fact that it may impact future students decisions financially. I do recognize the fact that this is a good gesture towards students, but simply because it is a good gesture doesn’t mean that it is something that the U.S government should be doing. The plan proposed by Joe Biden has many flaws, such as it’s impact on America’s economy and taxpayer funds, as well as sending wrong expectations/tones to the public that, maybe in the future, there may be more debts that are forgiven.