Staff ReportsPresident Joe Biden’s relentless pursuit of erasing federal student loan debts has been nothing short of an Olympic sport, complete with hurdles, judges waving red flags, and a whole lot of confused spectators. Despite a chorus of “No!” from Republicans and stern slaps on the wrist from the courts, the Biden administration continues to barrel ahead, waving the banner of debt forgiveness as if it were the last float in a parade celebrating entitlement.
The staggering figure of approximately $166.5 billion in erased student debt has created a collective groan among taxpayers. Many of these taxpayers are those who either diligently paid off their own student loans or opted for a life free of college-related financial burdens altogether. But don’t be fooled; the Great Debt Forgiveness program isn’t just about numbers; it’s a masterclass in political favoritism.
Yesterday, we announced that the Biden-Harris Administration cancelled student debt for an additional 160,000 people – meaning 4.75 million Americans have now benefitted from our debt relief actions – receiving on average $35,000 in debt relief each. pic.twitter.com/AgDG7hWQZc
— Karine Jean-Pierre (@PressSec) May 23, 2024
In mid-October, President Biden was practically giddy as he heralded a $4.5 billion cancellation of student loans for over 60,000 public service workers, conveniently forgetting the thousands more who aren’t part of this privileged club. Through the Public Service Loan Forgiveness program, the Biden-Harris team has turned rate of debt forgiveness from a trickle into a tsunami, ballooning the number of beneficiaries to over a million. Never mind the irony of a government that’s supposed to be serving its citizens, now drawing clear lines in the sand over who qualifies for its financial love.
Biden’s claims of “significant progress” and his lofty promises about higher education being a stairway to the middle class feel orchestral when one looks at how the disrupted public funding landscape favors predominantly Democratic voters. The District of Columbia, that liberal utopia, reigned supreme as the biggest beneficiary with over $806 million in canceled debts for over 15,000 borrowers—a generous $52,000 on average per individual. It’s almost as if Biden had a map of blue states in his desk drawer, and his pencil just happened to hover a little longer over those areas.
Republicans have repeatedly pointed out the blatantly unfair nature of the cancellations, which seem to reward a select few while leaving millions of others high and dry, begging for their own relief from various debts. Courts have indeed stepped in, deeming multiple Biden initiatives unconstitutional—a blow that struck better than any political argument. But much like a stubborn child who refuses to eat his vegetables, Biden continues to push forward, undeterred by the federal courts’ consistent admonitions.
While one might hope that this political playground tantrum would cease, there’s a light at the end of the tunnel. With President-elect Donald Trump poised for a return to office, the days of Biden’s partisan student loan giveaway appear numbered. The promise of a fairer financial landscape for all Americans may soon be on the horizon, leaving the current administration’s half-baked solutions in the dust where they belong.
