Kamala Harris set to present expansive economic plan concerning student loans and medical debts

Kamala Harris set to present expansive economic plan concerning student loans and medical debts
Kamala Harris' economic policy idea was unveiled this week just before she was scheduled to deliver a significant speech on the economy in North Carolina (Getty Images)

WASHINGTON, DC: Vice President Kamala Harris is scheduled to present an expansive economic plan this week aimed at helping Americans who are struggling. The ideas include the discharge of medical debt, expanding on her previous support for initiatives to eliminate student loans. Harris also suggests offering large tax incentives to families with children and support to first-time home owners.

The policy recommendations are being made at a time when overall economic trends seem to be improving, with consumer spending staying strong and inflation continuing to decline. The Biden-Harris administration is still working to pass a comprehensive student loan forgiveness program in the interim.



 

Kamala Harris plans to purchase medical debt from healthcare providers

According to the Washington Post, Kamala Harris' policy idea, which was unveiled this week just before she was scheduled to deliver a significant speech on the economy in North Carolina, would entail purchasing medical debt from healthcare providers with federal dollars before canceling it altogether.

The Vice President's prior initiatives to lessen the burden of medical debt for Americans are expanded upon by the medical debt forgiveness program. In the past, Harris collaborated with Governor Roy Cooper of North Carolina to eliminate the medical debt owed by two million citizens of that state.

In June of last year, Harris declared that she would be working with the federal Consumer Financial Protection Bureau to forbid the reporting of medical bills on consumer credit reports.

WAYNE, MICHIGAN - AUGUST 08: Democratic presidential candidate U.S. Vice President Kamala Harris speaks at a campaign rally at United Auto Workers Local 900 on August 8, 2024 in Wayne, Michigan. Kamala Harris and her newly selected running mate Tim Walz are campaigning across the country this week. (Photo by Andrew Harnik/Getty Images)
Kamala Harris' policy idea would entail purchasing medical debt from healthcare providers with federal dollars before canceling it altogether (Getty Images)

White House's statement on financial hardship for American families

President Biden and Vice President Harris believe that getting sick or taking care of loved ones should not mean financial hardship for American families,” said the White House in a statement in June.

“The burden of medical debt and its impact on credit reports inflicts serious financial repercussions on American families, restricting access to credit, increasing risk of bankruptcy, creating barriers to housing and health care access, and negatively impacting health outcomes. This debt is often placed on American families despite evidence of medical bills frequently being invalid, unsubstantiated, and inaccurate," they added. 

Harris proposed efforts to “Leverage public dollars to purchase and eliminate medical debt; prevent accumulation of medical debt and protect patients from aggressive debt collectors by expanding access to charity care; and protect patients and consumers by limiting coercive debt collections practices by health care providers and third-party debt collectors.”

WASHINGTON, DC - OCTOBER 21: U.S. President Joe Biden (L) and Vice President Kamala Harris attend th
Joe Biden and Kamala Harris' administration is still working to pass a comprehensive student loan forgiveness program (Getty Images)

Kamala Harris also wants to enact widespread student loan forgiveness

Only a few weeks ago, Kamala Harris restated her commitment to implementing universal student loan forgiveness. Now, she is calling for the elimination of medical debt.

“We see a future where no teacher has to struggle with the burden of student loan debt,” Harris said at a speech in Wisconsin in July, shortly after she launched her presidential campaign, reported Forbes.

Harris described how many borrowers struggle, even after years of loan repayment, with balances that exceed their original loans.

She also mentioned that one borrower she met found it difficult to “make decisions about what she could afford in terms of her daily obligations and dealing with these loans.” After 20 years of loan repayment, the borrower still owed $40,000 in student debt, but her loans were recently forgiven.

The Education Department reported that since 2021, the Biden-Harris administration has forgiven almost $170 billion in student loans for nearly five million borrowers. A large portion of that relief was achieved by enhancing already-existing programs like Public Service Loan Forgiveness and Borrower Defense to Repayment, which, for a long time, had been plagued by cumbersome regulations and inadequate oversight.

The SAVE plan, one of the administration's most well-known initiatives to reduce student loan debt, an income-driven repayment plan that decreases payments and eventually results in loan forgiveness, is currently embroiled in legal disputes. Furthermore, the student loan system is currently in disarray due to recent court orders. The Supreme Court is now set to hear the case.

A new student loan forgiveness scheme might be introduced by the Biden-Harris administration as early as this September. If such a scheme is implemented, it has the potential to help almost 25 million debtors.

SAN FRANCISCO, CALIFORNIA - JUNE 30: Democratic presidential candidate U.S. Sen. Kamala Harris (D-CA) speaks during the SF Pride Parade on June 30, 2019 in San Francisco, California. Sen. Harris spent the weekend in the San Francisco Bay Area where she attended a fundraiser and the annual SF Pride Parade. (Photo by Justin Sullivan/Getty Images)
Kamala Harris described how many borrowers struggle, even after years of loan repayment, with balances that exceed their original loans (Getty Images)

Internet dubs Kamala Harris 'disgrace' despite coming up with new economic plan

The US Vice President came under fire from netizens when it was revealed that she was developing an economic plan and forgiving student loans.

One X user tweeted, "You're trying to turn us into a socialist country! You're a disgrace! Everyone must vote Trump or we'll turn into Venezuela." Another added, "'Building an economy'? How about starting with not wrecking the one we already had?"

'Pssst, you’re the current VP, why are you waiting?" asked one user while someone else remarked, "You're the reason prices are so high right now! Are you seriously running on 'let me fix my mess the next time'?" 



 



 



 



 

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.

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