Joe Biden emerged from his basement bunker on Wednesday to address the issue of student loan debt from the Roosevelt Room. In his remarks, Biden announced the cancelation of $9 billion in student loan debt for 125,000 borrowers as debt repayments resumed.
According to CNBC, more than $5 billion of the aid will go to 53,000 borrowers who have worked in public service for ten or more years. Additionally, $2.8 billion of forgiveness is allocated to 51,000 borrowers enrolled in income-driven repayment plans, while another $1.2 billion will go to 22,000 borrowers with disabilities.
However, it is vital to note that the student loans are not genuinely canceled. Biden’s approach involves forcing middle and working-class citizens to pay for other people’s student loans. This move seems to be aimed at securing the support of Gen Z and Millennials leading up to the 2024 election, especially after his unconstitutional bailout program was struck down by the Supreme Court.
This is not the first time Biden has tried to use the promise of student loan forgiveness to woo the younger generations. In August 2022, he unilaterally announced a massive forgiveness of student loans in an attempt to gain the Gen Z-Millennial vote during the 2022 midterms. However, his plan was ultimately crushed by SCOTUS after canceling over $400 billion in student loans. The canceled debt amounted to up to $10,000 for borrowers earning $125,000 a year or less and up to $20,000 for recipients of Pell Grants.
Interestingly, Biden’s announcement was not without its flaws. He stumbled and botched the website address, saying, “student aid dash gov, student aid dash…” This visible blunder may have added to the skepticism surrounding his promises and competence in handling such issues.
Once the remarks were over, reporters shouted questions at Biden as he walked toward the door. One reporter asked, “What’s your advice to the next House speaker?” This question came just a day after Kevin McCarthy was dethroned as House Speaker. Biden turned around, displaying a creepy grin, and responded, “That’s above my pay grade.” This ambiguous reply raises questions about Biden’s involvement and knowledge of the situation.
The video clip of this exchange quickly spread on social media, highlighting Biden’s response. It is unclear whether his remark was meant to be dismissive or if he genuinely believes the role of House Speaker is beyond his level of expertise.
In conclusion, Biden’s announcement on canceling student loan debt seeks to gain support from specific demographics, but it ultimately shifts the financial burden onto other citizens. While it is clear that student loan debt is a pressing issue for many, the effectiveness and fairness of Biden’s approach are subjects of debate. Additionally, his response to the question about the next House Speaker raises further questions about his level of engagement and understanding of significant political events.