Stimulus Update: Student Debt Relief Millions of Americans, Election, Stimulus Package
Stimulus Update 11–6–20
Here’s your daily stimulus check, your second stimulus check, your executive action, order, memorandums, moratoriums, and stimulus package update for Friday, November 6th, 2020 (11–6–20).
One of Presidential Candidate Joe Biden’s priorities if he becomes president is to eliminate student debt for millions of Americans.
Debbie Cochrane, Executive Vice President for TICAS, spoke on Yahoo Finance recently, explaining what Biden’s Presidency could mean for student debt relief.
She stated: “This election has enormous implications for student loan debt. The two candidates have very different visions of college costs, college affordability, and student loan debt.”
Cochrane continued: “Vice President Biden has a very ambitious agenda that would include making public higher education tuition-free for students and also doubling the Federal Pell Grant. So both of those factors would lower cost to students and therefore reduce student loan debt.”
With millions of struggling Americans swimming in student loan debt, I hope that the winner of this presidential election can make this important disaster relief item a priority in a Phase 4 stimulus package.
Meanwhile, Federal Reserve chair Jerome Powell stated yesterday that a “stronger recovery” for the US economy would occur if another stimulus package is approved.
Powell explained: “Fiscal policy can do what we can’t, which is to replace lost incomes for people who are out of work. We’ll have a stronger recovery if we can just get at least some more fiscal support.”
A statement from the Federal Reserve said: “Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year.”
Fortunately, it looks like Powell is optimistic about a new stimulus package, stating: “We have no doubt in the power of the things that we’ve already done or the things that we may or may do in the future.”
This is great news for the prospect of a Phase 4 disaster relief bill, as the Fed isn’t getting caught up in the election mess and continues to fight for more stimulus funds.
Finally, as we patiently wait for the results of the presidential election, I thought it would be interesting to see where both candidates stand on another stimulus package.
While we know that President Trump and his team of Steven Mnuchin and Mark Meadows are cool with a huuuuuuge stimulus package, their preferred price tag at this time is just under $2 trillion.
Biden has not laid out his detailed stimulus plans, but he’s expressed interest in the past about certain items that he wants to approve to help struggling citizens across America.
The Vice President supports another round of $1,200 stimulus checks, more extended enhanced unemployment benefits, more social security funds, student debt forgiveness, further small business relief, and funds to crush the virus.
With an estimated $2.5-$3 trillion price tag, I sure hope that if he is elected, Biden can kick this plan into action so that we can finally receive our much-needed stimulus funds.
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