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Randi Weingarten, teacher’s union boss, melts down outside SCOTUS

By Elizabeth Delaney
|
March 2, 2023

It's an unfortunate fact of life for teacher's union boss Randi Weingarten that life is not fair, especially where Biden's student debt forgiveness is concerned.

Randi Weingarten's public melt down

In an impassioned melt down outside the U.S. Supreme Court in Washington D.C., 65 year-old Weingarten compared the pandemic days when small businesses were hurting due to the government's economic shutdown to today's student debt issue.

Apparently, her biggest point of contention, which was accentuated with flailing arms, a pointing finger flying through the air, and jumping up and down, was that no one challenged the businesses that needed governmental assistance when the government's economic shutdown kept customers away.

But people are challenging student debt cancellation to the point of taking it before the Supreme Court, according to a Daily Mail video.

Those whom Weingarten called out as challengers included "the corporations and the student loan lenders."

"That is not right! That is not fair! And that is what we are fighting about when we say, 'cancel student debt,'" Weingarten screamed into a microphone.

Repayment of student loans has been paused eight times over the past three years

The repayment of student loans has been paused for the past three years because of the pandemic, according to CNN.

When those payments would resume will depend on the outcome of the student loan cancellation program.

The Requirement for payments could resume 60 days after the litigation of the program, or at the end of August, whichever comes first.

However, the pause has already been extended eight times since it was first implemented in March of 2020, and many with student debt are actually benefiting more with that pause than they would with forgiveness of their student loans, according to CNN.

Cost of student debt cancellation to taxpayers and future college students

The estimated cost to taxpayers for the implementation of the student debt cancellation program is $400 billion.

In general, it's being argued whether or not the Biden administration has the authority to cancel student loan debt in conjunction with the present rules of the program.

The opposing argument claims that the executive branch may do so if there is a national emergency such as the pandemic, according to CNN.

The case also addresses states' rights to challenge policies the Biden administration wants to roll out in the event states feel those policies are an overreach of the federal government, according to The Hill.

Some states are arguing that the student debt cancellation program would be harmful to the economic welfare to their state, according to USA Today.

There are some in the financial industry who believe student debt cancellation may cause inflation to continue to increase and may also make the labor shortage even worse, according to The Heritage Foundation.

The Committee for a Responsible Federal Budget estimates that canceling $10,000 in student debt would add up to 15 basis points to the Personal Consumption Expenditure inflation rate, also causing increased inflationary pressure in the long-term.

In addition, colleges may increase tuition out of concern that this situation could occur again, Patrick Gourley, associate professor of economics at the University of New Haven told Forbes.

Student loan cancelation doesn't address the root of the problem, which is incredibly high tuition and the potential for a need for future bailouts because tuition continues increasing, according to The Collegian.