Politics

Biden prepares to break campaign promise, braces for Squad backlash

May 24, 2021 | | Print Article

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.

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:

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