Gabe Rubin
speaker
468 appearances
13 recordings
1 series
first heard Apr 2018
last heard Oct 2023
Gabe Rubin’s voice in public audio — every appearance, attributed to the second.
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Appearances
It's about addressing the harms that were incurred during the pandemic.
So just because it's sunny after a hurricane doesn't mean that your house didn't lose its roof.
It's a pleasure to be here.
So the court is going to hear arguments on February 28th, and they are hearing challenges to the Biden administration's forgiveness plan that would cancel up to $20,000 in student debt for some borrowers.
And the decision is likely to come sometime this summer when the court wraps up its term, likely in late June.
Opponents of the plan, which includes essentially every House Republican in the new majority, they have taken aim at what they see as a disconnect between the administration's rosy depictions of this strong economy and the need for more pandemic-related aid when other programs have been discontinued.
The administration counters that the emergency declaration really has no bearing on whether the program moves forward because it's about addressing the harms that were incurred during the pandemic.
So just because it's sunny after a hurricane doesn't mean that your house didn't lose its roof.
The critics of this plan say that the White House was simply looking for a legal justification to push through mass debt cancellation and that the pandemic national emergency serves as a helpful tool but isn't the real reason why they're doing it.
Yeah.
So basically, the HEROES Act was passed first in the aftermath of 9-11 and then updated a couple of times by Congress.
And it allows the education secretary to modify federal student loan programs and cancel debt in periods of national emergencies, which, of course, we've been in during the pandemic period.
So the White House argues that the powers granted by that law are unambiguous and that the education secretary collectively
clearly has the ability to cancel this debt during national emergency periods, and that the harms of the pandemic have really persisted, which gives the secretary reasoning for moving forward with canceling lots of people's debt.
So the White House is looking at lots of economic data, including a very influential study from last year by the Federal Reserve Bank of New York, which found that when people restart their student loan payments after a pause, delinquency and default rates are likely to spike.
And they found that by looking at people who have non-federal student loans who have had to continue paying during the pandemic, and they found that default rates are significantly higher, in some cases around 33% higher.
So the White House says that those higher default rates justify their decision to cancel lots of debt to alleviate that burden on student loan borrowers.
The White House is basically saying that current economic conditions are not really the relevant thing here.
It's the harms that befell borrowers during the pandemic itself.
So if you are more likely to default on your loans, that's all the pretext the White House needs in order to move forward with this legal justification.
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