To this day, student loan debt is a subject of heated debate in America. A strong majority of folks on the left have claimed the government needs to end student loan debt.
When this argument is made, it generally claims that student loans are preventing borrowers from experiencing financial freedom and being able to make further investments in their future.
However, the agenda to “forgive” student loans generally gets pushback from conservatives. Many Americans with right-of-center politics believe if someone willingly takes out student loans, they should pay them back as they agreed to.
Then, there’s the factor of folks who did take out student loans and then pay them back accordingly, rather than asking the government to make these loans go away. Conservatives maintain that spreading student loans to the general population with higher taxes isn’t fair to these folks either.
With the midterms coming up, the Democrat Party is all but sure to lose. In light of this reality, the Biden administration has just made a big new move on student loan debt, according to Twitchy.
A New Announcement From the Education Department
This week, the Department of Education announced that it “canceled” student loans owed by 40,000 individuals in the country. On top of this news, Americans also learned of the Education Department’s credit plan geared to help poor folks pay back their loans.
In sharing this update, the Education Department did not announce the names of the 40,000 individuals who had their student loan debt “forgiven.”
On top of this, the Biden administration has not yet let its base know that when student loans are “forgiven,” this doesn’t mean they just disappear. Instead, they get passed along to people in the form of higher taxes.
Given America’s current inflation problem and the warnings from economists about a recession next year, the last thing this nation needs in any capacity is higher taxes.
The Irony of Biden’s New Move
The president’s use of the Education Department in this way was clearly designed to throw his base a bone before November’s midterms.
Yet, ironically, this did not go the way Biden hoped. On social media, many Democrats and progressives are still screaming that the president hasn’t gone far enough.
Their view is that Biden must erase student loan debt in its entirety so that all borrowers are free from having to pay back the loans they voluntarily took out.
Unfortunately for Biden’s voter base, they’re going to be disappointed, given that the president does not have the power to completely end student loan debt on his own.