Critics caution that forgiving debt might anger voters who already paid off their loans, and Republicans describe the idea as a political giveaway in a midterm election year. However, an expansive approach could buoy young people whom Democrats view as a central part of their coalition, allowing Biden to deliver concrete results when many of his proposals from the left remain stalled on Capitol Hill.
About 43 million Americans owe $1.6 trillion on their student loans, more than either credit cards or car payments. It’s a growing problem for younger people, who have assumed more and more debt to finance their educations when public funding for colleges has declined. “He has talked in the past about how, you know, he doesn’t believe that millionaires and billionaires, obviously, should benefit, or even people from the highest income,” White House press secretary Jen Psaki said Thursday. “So that’s certainly something he would be looking at.”
Biden’s pending decision comes as he struggles to make progress on other parts of his liberal agenda that could appeal to young people, such as tackling climate change by expanding clean energy. Celinda Lake, a Democratic pollster who worked with Biden’s campaign, didn’t see a downside to the inevitable criticism.However, the issue can still be controversial among Democrats, even evoking raw emotions at times.An older woman who had paid off her debts didn’t like the idea, while a middle-aged man with children was enthusiastic.
Can I have my mortgage cancelled? Maybe all of my credit card bills?
Imagine if they worked this hard to pay their debt!