As the November midterm elections approach and Election Night looks more difficult for Democrats, President Joe Biden is said to be moving closer towards a decision that would cancel approximately $10,000 in federal student loans per borrower.
Deputy Press Secretary Vedant Patel stated, “No decisions have been made yet — but as a reminder no one has been required to pay a single dime of student loans since the president took office.”
Amazing for the Biden admin to come up with an illegal scheme for student loan forgiveness (which will piss off a ton of regular voters and is terrible policy for multiple reasons) only for the extremists he was trying to appease to still be mad he didn’t go further. https://t.co/iCvtmh4tZI
— AG (@AGHamilton29) May 27, 2022
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Finalizing A Plan
The Hill reported that Biden was considering cancelling $10,000.
The Washington Post reports that the most recent version of the plan will allow for student loan forgiveness only to individuals who have earned less than $150,000 or more than $300,00 for married couples filing jointly.
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Another bad economic decision
Joe Biden and Democrats might be considering student debt cancellation to win votes in November. However, economists believe that this move will lead to a rising federal deficit as well as the highest inflation rate for 40 years.
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Not to mention the obvious moral-hazard problems of another bailout, and the unfairness of putting that debt onto people who didn’t go to college or who paid off their loans like responsible adults.
Maya MacGuineas (president of the nonpartisan Committee for a Responsible Federal Budget), says
“Student debt cancellation may be an extremely appealing political talking point, but it is not good policy. This is expensive, inflationary, not well-targeted, and does little to solve the fundamental problems with our higher education funding system. Either the President really cares about cutting deficits or getting inflation under control. The White House can’t have it both ways. We need to be focusing on a serious and effective agenda that prioritizes sound policies, not poorly targeted political giveaways.”
MacGuineas also pointed out that many Republicans believed any type of loan forgiveness would eventually benefit wealthy Americans. She added:
“Full debt cancellation would be a massive hand-out to rich doctors and lawyers, would worsen our inflation crisis, and would cost almost as much as the entire 2017 tax cuts. Partial debt cancellation is costly, slow, and inflationary. Forgiving $10,000 per person of debt would cost as much as universal pre-K or a full extension of the expanded ACA subsidies.”
It is just as foolish and inflationary to allow student loans to be forgiven without fixing the root causes of affordability.
— Roy Williams, MPH (@Rwill235) May 27, 2022
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Election Year Vote Buying
According to all indications, this midterm election is going to be a good one for Republicans. Democrats are now sweating and trying to find ways to attract voters suffering from inflation and high food and gas prices. Biden and Democrats are being blamed by many.
Democrat-leaning students with student loans will pay attention to the issue of student loan forgiveness. Recent Washington Post reports that most Democrats support student loan forgiveness.
In what WaPo describes as the “very liberal,” a.k.a. There is 93% support for the progressive wing. Keeping the AOC’s of the party happy and dangling debt forgiveness in front of the base of the party to distract from the myriad of crises in the Biden administration could be common election year sense.
Joe Biden might wait until November, if there are any bad predictions for the election year.
Hey @RepAOCSigning that you will forgive student loan debt, 2024 would be my first election as a republican. We are grateful for the inflation and poor economy. I’ve re-payed student loans twice on my own. There is no reason why anyone else shouldn’t.
— CryptoJoe (@CryptoJ_1) May 27, 2022
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