President Joe Biden is ready to cancel $10,000 in student debt per borrower, according to multiple sources in the administration. Perception and timing are the only holdups for this brazen attempt to purchase votes.
The president reportedly planned to make the announcement over the weekend as he has a pair of commencement speeches to give. That, however, changed with Tuesday’s mass shooting of 21 in a Texas elementary school.
Some in the administration are worried that erasing billions in debt carried mostly by the high-educated may play into the hands of opponents. Republicans frequently accuse Democrats of catering to elites and buying votes with government handouts.
To counter this “misperception,” the Biden White House will likely cap the salary for an individual borrower to qualify for debt erasure at $125,000 or $150,000.
The $10,000 figure for debt forgiveness is a drop in the bucket for many borrowers, and advocates still call for $50,000 or more in relief. They cite some former students who now enjoy high salaries but are “buckling” under hundreds of thousands of dollars in loans.
Of concern previously for the administration is if Biden even has the authority to make such a sweeping cancellation. However, polls show the move is popular with younger and college-educated voters, a bump he desperately needs as his approval numbers hover in the upper 30s.
Sen. Elizabeth Warren (D-MA), the apostle of student loan forgiveness, says that 40% of borrowers never get their degrees. Therefore they are stuck paying back huge debts without the rewards of graduation.
She also claims that, by her calculations, erasure of student debt will heavily benefit minority communities. At a press conference in February where she was joined by Senate Majority Leader Chuck Schumer (D-NY) and some stragglers from the Squad, Warren rattled off startling numbers.
She said only 5% of White borrowers are still paying off student loans after 20 years, compared to 95% of Black borrowers. That amazing assertion, however, was proven false.
With the state of the economy and near historically-low polling numbers, it is a near certainty that Biden will wipe out at least some student loan debt. The end game, of course, is to energize younger voters and avert a Democratic wipeout in November.