Presidential executive action to cancel up to $50,000 in student debt would increase Black wealth by 40 percent.

By Sarah Anderson, Brian Wakamo, Inequality

With many of President Biden’s legislative priorities stalled, pressure is mounting on the administration to use executive authority to cancel student debts — a move that would substantially narrow racial wealth gaps.

In a recent House floor speech, Rep. Ayanna Pressley pointed out that the student debt crisis disproportionately impacts the Black community.

“But for too long,” Pressley said, “the narrative has excluded us and the unique ways in which this debt is exacerbating racial and economic inequities, compounding our gender and racial wealth gap.”

Student Debt
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