I think it's important not to celebrate prematurely.
The student loan debt forgiveness that has been announced by Joe Biden.
And the reason I say that is that it is looking slightly more plausible that that student
loan debt forgiveness could end up blocked.
Now, earlier in the week, we discussed this on the bonus show.
And when we talked about it on the bonus show.
The bonus show where you want to make money and everybody else that makes money to fund
themselves is bad.
Among other things, one of the things that came up is that disgusting.
Republican Senator Ted Cruz is working on blocking it.
And one of the things that came up in our discussion about Ted Cruz is that even Ted
Cruz was admitting he isn't totally clear on who could bring a lawsuit.
Could it be a taxpayer who says, hey, 20 $100 supposedly of my tax money is being used to
pay off someone's student loans or to forgive someone's student loans, and that hurts me.
So I'm filing a lawsuit.
Would a random taxpayer have standing?
What about someone who just is outside of the income range for forgiveness?
Like if you make 126,000 instead of $125,000, it's not clear.
But increasingly, it seems as though it is at least plausible that the plan could be
blocked.
Arizona's Republican attorney general said he and others are looking at
bringing a legal challenge to Joe Biden's plan for the cancelation of student debt.
If we can bring a challenge, we will bring a challenge, he said to CNBC in an interview
on Tuesday.
The state's Republican attorney general said he and others are looking to bring a challenge
and GOP attorneys attorneys general from Missouri and Texas, as well as Ted Cruz, who I already
mentioned all are figuring out how might we be able to block Joe Biden's plan.
And this is causing understandable anxiety for the tens of millions that stand to benefit
from this plan.
Now, as CNBC writes, a drawn out legal challenge would threaten to throw the fate of an estimated
43 million people's debts into limbo for the foreseeable future.
And the issue could make its way to the Supreme Court.
Laurence Tribe, Harvard law professor, wrote.
The uncertainty for borrowers in the
meantime is considerable.
No lawsuits have yet been filed.
But it looks like they want to do it sooner than later.
So there's a couple of different things here that I think are important.
One is, yes, it is completely plausible at this point, based on all of the legal opinions
I've read, it is plausible that this could be tied up for years.
Now, whether ultimately it will be found to be within Joe Biden's purview and something
he can do and something that's legal and something that can be done, I don't know.
But if it gets tied up for years before any forgiveness is done, that's still going to
be very bad for 43 million borrowers.
That's number one.
Number two, this also could backfire on Republicans.
We have seen for months now the chances for Democrats in the House and Senate tick up
and up and
up slowly.
Yes, but they have ticked up and up and up.
And part of that is on the backs of the overturning of Roe v Wade, much too much celebrated by
many Republican officials, not popular with the American public.
Part of it has been Republican inaction on gun safety.
And we know from polling that this level, this degree of student loan debt forgiveness
that has been offered is quite popular with the American people.
So while indeed it is something Republicans might be able to hold up, it also appears
to be something that Republicans should be cautious about holding up, because it does
not seem as though the the American people actually want it stopped.
But at this point, it is getting enough momentum behind it.
The block, the forgiveness movement that it would be weird not to mention the fact that
it is not a
complete and total foregone conclusion.