Warren on Debt Cancelation Forcing People to Bail Out Those Who Make More Than Them: It’s Popular, Creates ‘More Economic Activity’

On Wednesday’s “CNN Newsroom,” Sen. Elizabeth Warren (D-MA) responded to a question on what she’d say to people who paid off their loan debt and now will have to bail out those that may make more than them by stating that the president’s debt cancelation plan is popular and debt cancelation leads to “more economic activity.”

Host Bianna Golodryga asked, “As you know, this hasn’t been received well by everyone in Congress. Sen. Mitch McConnell (R-KY) says that this plan is a slap in the face to working-class families. Let me ask you, what do you say to a family that says, listen, I just spent years paying off my debt. I didn’t have the federal government helping me out, bailing me out. And now, I may be doing just that for a family that, at some point, may be earning more than I do.”

Warren responded, “Look, I’m not at all surprised that Mitch McConnell is attacking this. And the reason he’s attacking it is because it is very, very popular, popular among Democrats, Independents, Republicans, popular. And you know why? Because I don’t think there’s anybody left in America who doesn’t know somebody who isn’t struggling with student loan debt. This has become a part of our country now, people for whom their only sin was to want to try to get an education and not be in a family that could afford to write a check for it. And what we’re saying is, as a nation, we can do better than that. We can invest in our people. We can help our people. And ultimately, what the data show us is that because of student loan debt, there are many people who don’t move out of their mama’s basement, who can’t save up money to buy a home, who don’t start small businesses, who don’t start a family. You relieve the debt burden some for those people, and we have more economic activity. In other words, canceling student loan debt is good for the people whose debt is canceled. But it is also good for our economy and the rest of America.”

Follow Ian Hanchett on Twitter @IanHanchett


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