Senate Majority Leader Chuck Schumer was outside stomping for student debt relief. He demands that President Joe Biden forgive $50,000 in student debt so that people who are held down by mountains of school loans can move on from that.

Schumer's statement is supported by other progressive Democratic political leaders.

WATCH:



CBS News reported:

The resolution was introduced in a press conference by Senate Majority Leader Chuck Schumer, Senator Elizabeth Warren, and Representatives Mondaire Jones of New York, Ayanna Pressley of Massachusetts, Ilhan Omar of Minnesota, and Alma Adams of North Carolina. The coalition of progressive Democrats argue the Higher Education Act of 1965 gives the White House the authority to cancel the debt without having to use Congressional action.

"College should be a ladder up," Schumer said. "For too many people, debt is the anchor that weighs them down, and they rarely overcome it."

Warren estimated the initiative would cost about $650 billion, but she said the measure would "boost our economy right now."

Economically, those who have student debt relief would likely end up spending extra money in the economy in one way or another, rather than simply handing it to a bank.

Another big problem politicians should tackle is the ridiculous credit card interest rates that make it so people literally cannot pay off their credit cards fast enough because the rates are a criminal 8% or higher. Some credit cards can hit 15% in interest and the amount is just insane and should not be allowed by any financial institution.

People would be out of debt faster if the banks and financial instutions weren't ripping them off with high interest rates.