has only heightened the anticipation for what his own aides acknowledge represents a political no-win situation. The people spoke on the condition of anonymity to discuss Biden’s intended announcement ahead of time.
As he tried to shore up support among younger voters and prepare for a general election battle against President Donald Trump, Biden unveiled his initial proposal for debt cancellation of $10,000 per borrower, with no mention of an income cap. Inside the administration, officials have discussed since at least early summer forgiving more than $10,000 of student debt for certain categories of borrowers, such as Pell Grant recipients, according to three people with knowledge of the deliberations. That remained one of the final variables being considered by Biden heading into Wednesday’s announcement.
“President Biden’s decision on student debt cannot become the latest example of a policy that has left Black people — especially Black women — behind,” he said. “This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.”
Republicans, meanwhile, see only political upside if Biden pursues a large-scale cancellation of student debt ahead of the November midterms, anticipating backlash for Democrats — particularly in states where there are large numbers of working-class voters without college degrees. Critics of broad student debt forgiveness also believe it will open the White House to lawsuits, on the grounds that Congress has never given the president the explicit authority to cancel debt on his own.
'Republicans and some Democrats contend that it will add to inflation by giving consumers more money to spend.' Really? The pushback is 'ppl have more $ to spend so iNfLAtIoN'. Pathetic af. You know how you can deal with inflation? GIVE PPL MORE MONEY! 1/?
Love the boomer-cons in the comments not even wanting to address the fact that the federal student loan system needs to be eliminated. It’s 100% nationalized, has ZERO consumer protections, and can be weaponized against you unlike all other consumer credit products.
Biden’s move to cancel student debt would cost more than $300 billion, study says
My wife & I took 2 afternoon classes then started night school an hour later to save $ we didn’t have. Kmart had cardboard nightstands in 1984 so us newlyweds could git us some furniture! It’s a freakin grind so suck it up buttercup, get a 2nd job & pay off the $1.5 TRILLION.
My dad worked & did 12 yrs of night school youngstownstate until 1970. Didn’t know it but we had nothing! My parents saved to pay my commuter tuition uakron & I worked nights at OhioTurnpike GL plaza pumping diesel Sun-Th 11pm-7am. It’s a grind so stop begging 4 $ forgiveness
Fine, do it...but for the next 7 years, anyone who had their loans paid by the taxpayers is bared from any credit cards or auto loans or mortgages.
This will ruin the positive momentum he has been building
Got ppl taking Taylor swift classes in college that ppl have to pay for. These democrats gotta go. Inflation going to destroy the middle class. Cuz that’s who’s paying
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