Congratulations taxpayer, you’re now the owner of student loan debt you never agreed to acquire and will now be responsible for paying it off.
According to The Hill, President Joe Biden is to announce a plan to cancel a solid chunk of the nation’s student loan debt on Wednesday:
Sources said President Biden’s intended measure will include at least $10,000 in loan forgiveness for borrowers who make less than $125,000 annually, as well as another payment freeze for roughly four months.
The $10,000 figure would be the largest forgiveness of federal student loans per individual to date.
The Hill notes that this likely still won’t please many Democrats regardless and that Biden will be pushed to do more in the future. Given his pattern of caving to the radical parts of the Democrat Party, the likelihood of this happening is pretty high.
The Democrats in office pushing for student loan debt forgiveness the hardest also happens to be the same Democrats who have the most student loan debt themselves. This includes New York Rep. Alexandria Ocasio-Cortez who has $50,000 worth of debt and Michigan Rep. Rashida Tlaib who owes around $100,000.
Other politicians backing student loan debt include Minnesota Rep. Ilhan Omar, California Reps. Jimmy Gomez and Nanette Barragan, Pennsylvania Rep. Brendan Boyle, Connecticut Rep. Jahana Hayes, Florida Rep. Darren Soto, and Texas Rep. Veronica Escobar, all of whom have debt of their own.
As Florida Governor Ron DeSantis noted, this debt forgiveness is likely to drive up inflation as these degrees are graduate programs for lawyers and doctors, and that it will be blue-collar working Americans that will end up footing the bill.
— Christina Pushaw 🐊 🇺🇸 (@ChristinaPushaw) April 29, 2022
I agree with DeSantis that student loans are oftentimes predatory in nature. The debt is out of control thanks to universities driving up the costs far beyond what they should be.
At the end of the day, there are many students out there who should not have agreed to take on this debt from the very beginning and, as such, should be responsible for paying it off. However, these practices of roping these students into debt should be looked into.
Moreover, the fact that Biden can just wave his hand and force people like you and me to pay for something someone else agreed to is disturbing, especially when so many of us are facing an economic crisis during this recession.