The big-spending Biden administration reportedly is going back on a campaign promise to cancel $10,000 in student debt per person, according to several news outlets.
In a federal budget that is set to be unveiled next week, President Joe Biden is apparently abandoning that commitment, which will probably be a great disappointment to the Bernie bros and the Ocasio-Cortez cohort.
Biden also expressed some degree of skepticism about the idea in a recent New York Times interview, although it remains to be seen what the fine print of the budget will look like upon its release.
In a November 16, 2020, speech, however, Biden said that implementing the $10,000 loan forgiveness should be “done immediately.”
In a February 2021, town hall, Biden rejected the left’s plan to forgive $50,000 in loans, but said that “I’m prepared to write off the $10,000 debt.”
According to the pre-election “Biden-Sanders Unity Task Force Recommendations” press release posted on the Biden campaign website, “Democrats will work to authorize up to $10,000 in student loan debt relief per borrower to help families weather this crisis,” i.e., the COVID-19 pandemic.
A provision of that nature was left out of the $1.9 trillion stimulus bill known as the American Rescue Plan Act that was signed into law in March 2021.
That same month, Press Secretary Jen Psaki said that Biden would “be happy to sign” a bill sent to him from Congress to wipe out $10,000 of student debt.
Biden says no to progressive dream of $50K student loan forgiveness: ‘I will not make that happen’ https://t.co/ZsHHnImOmE pic.twitter.com/CvSuLRDsGf
— Conservative News (@BIZPACReview) February 17, 2021
In a softball interview with The New York Times published on Thursday, May 20, as alluded to above, Biden seemingly changed his tune about the bailout.
“The idea that you go to Penn and you’re paying a total of 70,000 bucks a year and the public should pay for that? I don’t agree,” Biden said.
Not everyone can get into an Ivy League school, but it is estimated that the average student loan debt in the U.S. is about $37,000. Collectively, the debt is purportedly in the range of about $1.6 trillion owed by approximately 45 million borrowers.
Although the president has been signing a flurry of executive orders since taking office, Biden and his advisors apparently also have doubts as to whether cancelling student debt via executive action rather than legislation passed by Congress would pass legal muster.
Parenthetically, some have argued that instead of expecting the taxpayer to cover the debt, disgruntled students whose degrees have proven useless in the marketplace should target university endowments, which are often massive.
All this speculation could just be a trial balloon by the Biden administration before it finalizes its proposals.
Twitter, particularly on the left, seems quite unhappy, however, with Biden’s purported reversal on erasing student loan debt. Here is a sampling of responses:
Unless someone more left runs in 2024, Dems will lose the WH. At least he did his job and got rid of the traffic cone of hate.
— 2 Shots in Z Formation (@BHacrosstheUS) May 21, 2021
Come on man, minimum wage hike, single payer option, college debt forgiveness…these were all “campaign promises”.
Why would he ever live up to those promises when his owners have no interest in any of that.
Remember…”…nothing will fundamentally change.”— DCCardshark (@DCoull) May 22, 2021
Then I’m not voting democratic in midterms, and not voting for him in the next presidential election.
Good luck with Pennsylvania.
— Big Debs Energy (@roflbots) May 23, 2021
Awesome man, love going into crippling debt for some piece of paper just to be told I don’t have experience at the interview. Thanks Joe, so glad I helped elect you.
— Luke McCormick (@lukemccormick95) May 21, 2021
In other words @POTUS lied to us while campaigning and he has no interest at all in helping struggling students and their families. I say we pick a day and just shut down everything for one day to send the msg that this must be addressed.
— SmilingGoddess (@GoddessSmiling) May 22, 2021
RIP gender study and basket weaving majors. Basket weavers actually had some skill so I’ll miss them
— All Might (@Shloker2) May 22, 2021
Puh-lease! The guy has been in government in 40 years and has done pretty much jack shit. The left is going to act like they’re completely surprised that their Savior didn’t cancel student that. The rest of us say “we told you so”. TDS
— Michele 🇺🇸 (@micheleros) May 24, 2021
Biden is a Republican. It’s what Republicans do.
— Ann Lynch (@AnnLynch3) May 22, 2021
All can agree colleges are overpriced. You don’t solve that by sending them more government money.
Campuses are building insanely expensive and unnecessary architectural wonders and student “luxury condos” are the rage.
Those issues are not problems tax payers need to bail out.
— WellHello (@MNtravis) May 21, 2021
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Robert Jonathan is a staff writer for BizPac Review. He is a longtime writer/editor for news aggregation websites and has also developed content in the legal and financial publishing sectors as well as for online education. He earned a Juris Doctorate from the University of Connecticut School of Law, “a law school the basketball teams can be proud of.”
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