Schumer Is Wrong To Assume Cancelling Student Loan Debt Will Close The ‘Wealth Gap’

Schumer Is Wrong To Assume Cancelling Student Loan Debt Will Close The ‘Wealth Gap’


Senate Majority Leader Chuck Schumer (D-NY) on Tuesday made the case for cancelling $50,000 in student loan debt for borrowers across the nation. According to the senator, student loan debt burdens millions of Americans and “right now” is the time for lawmakers to act.

Schumer described getting a higher education as a “ladder up” with “student debt being a weight down.” He cited a number of reasons for Americans taking on massive student loan debt, including the skyrocketing cost of tuition and low-wage jobs that are available for college students.

“So many people have a mountain of debt on their shoulders. Americans are $1.7 trillion [in debt]. Nine million students, former students, are in default on their loans. It gets worse and worse and worse,” Schumer said during a video chat.

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Having student loan debt, according to Schumer, dictates what path Americans decide to take and what big ticket purchases they decide to make. A growing number of Americans’ student loans are

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