On Wednesday, Joe Biden announced that student loan carriers earning under $125,000 per year will get $10,000 in loans forgiven. For debt carriers who got Pell Grants while pursuing higher education, their loan forgiveness will cover $20,000.
Naturally, Americans had various reactions. Some Democrats celebrated this announcement, while others on the more progressive side said Biden didn’t go far enough on waiving student loans.
Within the GOP, Biden was criticized for giving handouts without thought for people who actually paid off their student loans.
Republicans also pointed out that “forgiven” student loan debt is just going to be passed along to taxpayers who never agreed to these loans in the first place.
However, as it turns out, the midterms are a major factor in why Biden made the announcement he did on Wednesday, per Washington Examiner.
A Hail Mary For November
Enthusiasm and support for Democrats have been slumping lately. Most Americans don’t approve of the current president.
At the same time, crime, economic, and immigration crises are each unfolding on the watch of a federal government that’s monopolistic and controlled by Democrats.
Biden, in a nutshell, is banking on this student loan forgiveness to throw a big enough bone to the Democratic base that it shows up and votes in November.
REPORTER: Is this unfair to people who paid their student loans or chose not to take out loans?
BIDEN: Is it fair to people who, in fact, do not own multi-billion-dollar businesses if they see one of these guys getting all the tax breaks? Is that fair? What do you think? pic.twitter.com/HA9LzLBMSC
— JM Rieger (@RiegerReport) August 24, 2022
However, Democrats running for the House and Senate this year still have to contend with their constituents who believe Biden should have gone even further in the announcement he made on Wednesday.
Left-wing strategists are nevertheless saying that the uptick in loan forgiveness that Biden provided to Pell Grant students will help motivate black voters to cast ballots for Democrats in November.
Biden, however, appears to be banking on the $10,000/$20,000 loan forgiveness being perceived as better than him doing nothing at all.
Caught in the Crossfire
Whatever Biden hopes to achieve politically, Americans will be caught in the crossfire amid even more price gains to come.
Republicans warn that what Biden’s doing will create situations where plumbers are essentially helping to pay the student loans of attorneys.
In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023.
I'll have more details this afternoon. pic.twitter.com/kuZNqoMe4I
— President Biden (@POTUS) August 24, 2022
This new plan for student loan debt forgiveness is therefore being criticized as a handout to the well-off at the expense of the middle class.
Furthermore, there are various debates about whether or not Biden even has the power to forgive student loan debt in the capacity announced. Some conservatives believe that if Biden is challenged legally, he’ll eventually have to walk back Wednesday’s declaration.
At the end of the day, time will be the greatest factor in determining how this all plays out.
What do you think is really the driving factor behind Joe Biden’s announcement on student loan debt? Feel free to let us know in the comments area how you see this playing out.
This article appeared in New Vision News and has been published here with permission.