It’s hard to pinpoint a president who has done worse in his first 100 days or so than President Joe Biden. However, adding to the policy blunders is a broken campaign promise that will have major implications.
Biden’s campaign promise to cancel student loan debt appears to be dead on arrival, Breitbart reported. This is a pet cause of the far left and his reluctance to follow through will surely draw the ire of his fellow Democrats.
“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 told the New York Times Thursday.
This is a far cry from how Biden was talking about the issue in November. During the campaign, Biden promised to forgive $10,000 in student debt per borrower. He had urged Congress to take “immediate” action in pushing his proposal through months before he had even been sworn in, Fox News reported.
Squad member Rep. Alexandria Ocasio-Cortez (R-NY) along with Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) upped the ante, demanding $50,000 per borrower be in February. Biden shot down that possibility then, and Cortez said that his “arguments against it just don’t hold water on close inspection.”
1. Who cares what school someone went to? Entire generations of working class kids were encouraged to go into more debt under the guise of elitism. This is wrong.
2. Nowhere does it say we must trade-off early childhood education for student loan forgiveness. We can have both. https://t.co/5oPKeMfV3r
— Alexandria Ocasio-Cortez (@AOC) February 17, 2021
One indication that the left is panicking over this is a story in the establishment media trying to cover for him. “President Biden is still waiting for the U.S. Department of Justice and the U.S. Department of Education to report on their review of his legal authority to forgive student loan debt through executive order,” Mark Kantrowitz, an expert on higher education funding and tuition, told CNBC to explain why it was “not surprising” to see this proposal left out of the budget. “Only after he receives that report, which I expect will find that he does not have the legal authority, will the ball be in Congress’ court.”
It’s important to understand that what Democrats call student loan forgiveness is actually a wealth transfer that benefits the rich. As Fox News pointed out in December, “erasing all student loan debt would distribute $192 billion to the top 20% of earners in the U.S., but just $29 billion to the bottom 20% of U.S. households.” This is not help for the poor but another advantage for the well-off.
Biden is an undisputed disaster in office, overseeing a flat economic recovery, trouble in the Middle East, the crisis at the border, and an attack on a major pipeline — just to name a few of the things already bungled in his first few months in office. The right is obviously deeply unhappy with him, but he can’t afford to anger the far left — and reneging on this major promise will do just that.