One should never make a deal with the devil because the terms are never worth it. The same goes for the radical left who helped President Joe Biden get elected — and now he’s paying the price.
In a CNN townhall from Wisconsin Tuesday, Biden said he would not wipe away $50,000 in student debt as many on the left are pushing for, Fox News reported. “I am prepared to write off the $10,000 debt but not $50 [thousand], because I don’t think I have the authority to do it,” Biden said.
Forgiving that higher amount of student debt is widely supported on the left, including politicians like Sen. Elizabeth Warren (D-MA), Sen. Chuck Schumer (D-NY), Rep. Ayanna Pressley (D-MA), Rep. Alexandria Ocasio-Cortez (D-NY), and Rep. Ilhan Omar (D-MN). Warren and Schumer publicly called Biden out for making that excuse.
“President Biden has the authority to cancel $50,000 of student loan debt,” Warren tweeted Wednesday. “@SenSchumer and I are urging him to act.” Warren shared their joint statement that asserted, “Cancelling $50,000 in federal student loan debt will help close the racial wealth gap, benefit the 40% of borrowers who do not have a college degree, and help stimulate the economy.”
— Elizabeth Warren (@SenWarren) February 17, 2021
Progressive groups were unhappy with Biden backing down as well. “I’m not sure Biden fully understands that every time he throws cold water on a popular progressive idea, it hurts grassroots enthusiasm and activism for other parts of his agenda like COVID relief and millions of clean-energy and infrastructure jobs,” Adam Green, co-founder of the Progressive Change Campaign Committee, said to Fox News.
Apparently responding to the pressure, the White House’s press secretary, Jen Psaki, said Wednesday that Biden didn’t object to that higher amount after all. “He was reiterating his previous stated position, which is that he doesn’t favor $50,000 in student loan relief without limitations,” she said, attempting to walk back what he’d clearly claimed just the night before.
— Forbes (@Forbes) February 17, 2021
Times are certainly tough, but the people who would benefit from loan forgiveness are often the top earners anyway, according to Fox Business. A better solution would be an income-based repayment system that would actually target the debtors who need help the most — but this isn’t about solutions.
Student loan forgiveness is just another way Democrats curry favor with their voters. It’s a handout like any other, except this one wipes out loans that a person willingly took out for a lifelong earning benefit. Nevertheless, Biden will have to fork over the cash to give the devil his due.