Biden’s cave left on student loan debt has a political price
President Biden’s left cave on student loan debt forgiveness has a potential political price, sparking a backlash among ticked voters who have already paid off their loans or sent their children to college with their own funds.
Biden is set to announce plans to forgive some student loan debt for less well-off Americans within days – fulfilling a promise he made during the 2020 campaign.
The plan is a political take on getting young voters to vote midterm. But in fact, it’s likely to end up angering more people who don’t support the multi-billion dollar taxpayer bailout.
Biden’s plan could affect some 45 million Americans, including black Americans who on average owe more than double what white students owe.
But many more Americans have simply paid for college without taking out loans or have already paid them back — and it’s those people who might be outraged that the president is caving in to liberals like Sen. Elizabeth Warren and Rep. Ayanna. Pressley and uses billions of taxpayers’ money. to clear the loan debt.
In fact, Warren and Pressley pressured Biden to write off all student loan debt — a sweeping move the president doesn’t seem willing to make just yet.
During the 2020 campaign, Biden promised to forgive student loan debt for those attending public universities and colleges and families with annual incomes below $125,000. He also pledged to reduce the debt of everyone who took out college loans by at least $10,000.
His plan due to be released possibly this week should be similar to what he promised two years ago.
Warren’s aggressive plan to erase $50,000 in student loan debt — which she touted in her 2020 campaign and was a naked attempt to lure college-educated voters — has already proven controversial.
During her campaign, she was confronted by an angry father in Iowa who said he was working double shifts to save enough to allow his daughter to go to college without a loan.
“We did the right thing and got screwed,” the father said.
It’s just that kind of pent-up anger that should worry Biden and the Democrats. People may not be protesting loudly, but they are simmering beneath the surface, at the table and in living rooms across the country.
Biden’s compromise plan of only forgiving $10,000 per person and using income as a qualification could be a double-edged sword. If Biden doesn’t go far enough in Warren’s eyes, it could create discontent among progressives and voters who have been overwhelmed with college loan debt.
Liberals are already unhappy with Biden that it took a year and a half to resolve the loan crisis.
But more likely, it will be just one more thing – along with soaring gas prices, inflation and a potential recession – that fuels the dumping of the Democratic movement.