How Biden Can Help End the Country’s Debt Crisis

Editor’s Note: & nbspEvery week we publish an excerpt from Katrina vanden Heuvel’s column on WashingtonPost.com. Read the full text of Katrina’s column Here.

Yearly, achieve greater financial security is one of the most popular New Year’s resolutions. Given the impact of the coronavirus, the number of people who met this solution this year was likely even higher. Our country is facing a debt crisis – and the new government should act to resolve it.

Right now, Americans are drowning in debt. Almost 8 million Americans fell below the poverty line since last summer. In only the first three months of the pandemicMore than 100 million skipped their monthly payments for mortgages, student loans, credit cards, and other forms of debt. US households owe $ 1.55 trillion in student loans, $ 861 billion in credit card debt and $ 81 billion in unpaid medical bills. All in all, the Americans hold a staggering $ 4.13 trillion This does not apply to the monthly mortgage payments that millions of homeowners find difficult to afford.

The Biden-Harris administration can take concrete steps to address this crisis immediately. President-elect Joe Biden has proposed giving up to $ 10,000 to every American on federal student loans. Earlier this month, Senate Minority Chairman Charles E. Schumer (D-N.Y.) And Senator Elizabeth Warren (D-Mass.) Urged Biden to go further and issue an executive ordinance that is forgiving up to $ 50,000.

Read the full text of Katrina’s column Here.

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