Just one day after extending the pandemic-era student loan pause for another four months, President Joe Biden touted historically low unemployment, a contrast some say illustrates hypocrisy within the administration when it comes to the economy.
The student loan pause, which began under former President Donald Trump in March 2020, will now last until at least Aug. 31 — and potentially longer. Meanwhile, unemployment crested at 15% two years ago but is now at 3.6% overall and 2% for college graduates."Every chance he gets, Biden brags about record job growth and record GDP growth — knowing this is merely a function of the economy getting back on its feet after the pandemic.
"As I recognized in recently extending the COVID-19 national emergency, we are still recovering from the pandemic and the unprecedented economic disruption it caused," he said in a prepared statement."If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans’ financial stability.
The pause affects 41 million borrowers who collectively hold more than $1.3 trillion in total debt and has already cost taxpayers more than $100 billion, according to Education Department estimates. When should the pause end? Madland said additional months of a strong labor market will help, but he'd also like to see some measure of student debt cancellation first, particularly if it can be means-tested so only those struggling the most with unmanageable debt can benefit.
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