How Biden Can Help End the Country’s Debt Crisis

How Biden Can Help End the Country’s Debt Crisis

How Biden Can Help End the Country’s Debt Crisis

Right now, Americans are drowning in debt.

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EDITOR’S NOTE: Each week we cross-post an excerpt from Katrina vanden Heuvel’s column at the WashingtonPost.com. Read the full text of Katrina’s column here.

Every year, achieving greater financial security ranks as one of the most popular New Year’s resolutions. Given the impact of the coronavirus, the number of people who made that resolution this year was likely even higher. Our country faces a debt crisis—and the incoming administration should act to solve it.

Right now, Americans are drowning in debt. Nearly 8 million Americans fell below the poverty line since last summer. In just the first three months of the pandemic, more 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 loan debt, $861 billion in credit card debt and $81 billion in unpaid medical bills. All told, Americans hold a staggering $4.13 trillion in non-hous­ing debt alone, which doesn’t include the monthly mortgage payments that millions of homeowners are struggling to afford.

There are concrete steps the Biden-Harris administration can take to address this crisis right away. President-elect Joe Biden has proposed forgiveness of up to $10,000 for every American with federal student loans. Earlier this month, Senate minority leader Charles E. Schumer (D-N.Y.) and Senator Elizabeth Warren (D-Mass.) called on Biden to go even further and issue an executive order that forgives up to $50,000.

Read the full text of Katrina’s column here.

We cannot back down

We now confront a second Trump presidency.

There’s not a moment to lose. We must harness our fears, our grief, and yes, our anger, to resist the dangerous policies Donald Trump will unleash on our country. We rededicate ourselves to our role as journalists and writers of principle and conscience.

Today, we also steel ourselves for the fight ahead. It will demand a fearless spirit, an informed mind, wise analysis, and humane resistance. We face the enactment of Project 2025, a far-right supreme court, political authoritarianism, increasing inequality and record homelessness, a looming climate crisis, and conflicts abroad. The Nation will expose and propose, nurture investigative reporting, and stand together as a community to keep hope and possibility alive. The Nation’s work will continue—as it has in good and not-so-good times—to develop alternative ideas and visions, to deepen our mission of truth-telling and deep reporting, and to further solidarity in a nation divided.

Armed with a remarkable 160 years of bold, independent journalism, our mandate today remains the same as when abolitionists first founded The Nation—to uphold the principles of democracy and freedom, serve as a beacon through the darkest days of resistance, and to envision and struggle for a brighter future.

The day is dark, the forces arrayed are tenacious, but as the late Nation editorial board member Toni Morrison wrote “No! This is precisely the time when artists go to work. There is no time for despair, no place for self-pity, no need for silence, no room for fear. We speak, we write, we do language. That is how civilizations heal.”

I urge you to stand with The Nation and donate today.

Onwards,

Katrina vanden Heuvel
Editorial Director and Publisher, The Nation

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