Nicholas Kamm/AFP via Getty Images As President Joe Biden reportedly nears a plan to cancel $10,000 in student loans per borrower, National Association for the Advancement of Colored People (NAACP) President Derrick Johnson argued Friday that the amount would not be enough — particularly for black borrowers.
After months of pressure from progressive Democrats, the White House is nearing a plan to scrap $10,000 per borrower earning up to $150,000 per year, according to a report from The Washington Post . Johnson argued that such a solution would be “pouring a bucket of ice water on a forest fire.”
“Black Americans are the only people who have student debt higher than their median annual income,” he said. “$10,000 in cancelation would not place their student debt lower than their annual income.”
Johnson also pointed toward wealth disparities between black and white households.“Today, the average white family has roughly 10 times the amount […]
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