President Biden’s cave to the left on forgiving student loan debt comes with a potential political price, triggering a backlash among ticked-off voters who have already paid off their loans or put their kids through college with their own funds.
Biden is set to announce his plan to forgive some student loan debt to less well-off Americans within days — making good on a promise he made in the 2020 campaign.
The plan is a political grab aimed at getting young voters to cast ballots in the midterms. But in fact it will probably end up just angering more people who don’t support the multibillion-dollar taxpayer bailout.
Biden’s plan could affect some 45 million Americans, including Black Americans who on average owe more than twice what white students owe.
But a lot more Americans simply paid for college without taking out loans or have paid them off already — and it’s those people who could be outraged by the president caving to liberals like Sen. Elizabeth Warren and Rep. Ayanna Pressley and using billions in taxpayer money to wipe away loan debt.
In fact Warren and Pressley have been pressing Biden to cancel all student loan debt — a drastic move that the president doesn’t seem willing to do yet.
During the 2020 campaign, Biden promised to cancel student loan debt for those who attended public universities and colleges and from families with less than $125,000 annual income. He also pledged to cut at least $10,000 in debt from all people who took out college loans.
His plan to be released possibly this week is expected to be similar to what he promised two years ago.
Warren’s aggressive plan to wipe away $50,000 in student loan debt — which she touted in her 2020 campaign and was a naked attempt to grab college-educated voters — has already proved to be controversial.
During her campaign she was confronted by an angry Iowa father who said he worked double shifts to save enough to put his daughter through college without loans.
“We did the right thing and we get screwed,” the father said.
It’s just that kind of pent up anger that should worry Biden and Democrats. People may not be protesting loudly but they’re simmering under the surface, at the dinner table and in living rooms across the country.
Biden’s compromise plan to forgive only $10,000 per person and use income as a qualification could be a double-edged sword. If Biden doesn’t go far enough in the eyes of Warren, that may create dissatisfaction with progressives and voters who have been swamped in college loan debt.
Liberals are already upset with Biden that it’s taken a year and a half to address the loan crisis.
But more likely it will be just one more thing — along with skyrocketing gas prices, inflation and a potential recession — that fuels the dump the Democrats movement.
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