Joe Biden was under immense pressure from his radical base, to erase a trillion dollars of student loan debt “with a stroke of a pen.”
Biden is certain that he will never be able to get away with it. From now until Christmas, there would be lawsuits. He also knows that allowing that debt to be forgiven would increase prices. Biden will do his absolute best to make sure that the minimum is met. He’ll issue an executive order to forgive $10,000 of student loans to those with incomes below $125,000.
This, like many Biden proposals, from the American Rescue Act To Build Back Better, does not satisfy anyone. For radicals who want to completely eliminate student loan debt, this is not enough. The more established Democrats are afraid of inflation.
CNN: Progressive leaders are beginning to realize they won’t get everything they want. Even if Biden makes a decision to forgo the $10,000 in forgiveness that he promised during his 2020 campaign, some progressive leaders are already preparing to express their disappointment.
Some still want $50,000 in relief, but few people involved in the discussions believe that is possible. They’ve been arguing against any income-level means-testing, arguing it could eliminate thousands of deserving borrowers who are either denied the benefit due to government bureaucracy or who have racked up hundreds and thousands of dollars in loans that they still have to pay, despite having higher salaries.
Among the ideas discussed in the White House was that the 10,000 loan forgiveness should be announced simultaneously with the lifting of the moratorium on student debt repayments. The August 31 deadline for repayment will see the latest extension.
There are advocates for greater debt relief.
Warren shared his favorite statistics with Biden and other top aides, such as Ron Klain (White House chief of staff), highlighting that only 2% of Harvard graduates graduate with debt while half of those at Delaware University is. This is the alma mater of the President and one of the schools he will be speaking to this weekend.
She will point out that 91% of students from historically Black colleges and universities receive loans. She will also point out the number of students with student debt who have not completed enough courses to finish their degree.
Biden won’t see the point if he doesn’t realize that he will never be able to do enough to satisfy the radicals. Radicals must never lose heart and surrender. They will go 100 miles for a mile. This is the nature of radicalism, and Biden has not been able to grasp this fact since he assumed office.
It will prove to be his undoing in the end.