Joe Biden is reportedly preparing to cancel student loan debt for borrowers up to $10,000 per person.
Of course, none of this debt will actually be cancelled, it will just be transferred to taxpayers.
This is nothing more than a bailout for people who took on debt voluntarily.
The Hill reports:
Biden zeroes in on plan to cancel $10,000 in student loans per borrower
President Biden is nearing a decision on student loan debt forgiveness, with the president and his team zeroing in on canceling $10,000 per borrower, with some potential caveats.
White House officials cautioned no decision has been finalized as Biden continues to weigh his options. The president is scheduled to speak at the Naval Academy’s commencement ceremony on Friday and at the University of Delaware’s ceremony on Saturday.
Multiple reports indicated Biden considered using the weekend commencement ceremonies to announce some student debt forgiveness, with The Washington Post reporting the timing was changed in the wake of a school shooting in Uvalde, Texas, that left 19 children dead. A White House official disputed that was the case, however…
Multiple sources told The Hill in late April that Biden was looking at canceling at least $10,000 in student debt, and indications are the White House appears to have settled on that number even as they work through potential limits on who the loan cancellation would benefit.
Despite all of this, leftists are saying it’s not enough.
The average student loan debt is over $37k
They’re going to try to get away with doing as little as possible, then get offended when it doesn’t translate into approval bumps
$10k doesn’t address the problem https://t.co/pHKYKArzBY
— Michael Sainato (@msainat1) May 27, 2022
$10k means tested forgiveness is just enough to anger the people against it *and* the people who need forgiveness the most.
$10k relieves most the people who owe the least. What relief is there for the most desperate? For them, interest will undo that 10k fast. We can do better. https://t.co/HhfWbeCf0v
— Alexandria Ocasio-Cortez (@AOC) May 27, 2022
.@DerrickNAACP on reports Biden will cancel $10K in student debt: “President Biden, canceling $10,000 in student loan debt is like pouring a bucket of ice water on a forest fire.” pic.twitter.com/CzJNugwBGS
— Ayelet Sheffey (@arsheffey) May 27, 2022
This is going to make a lot of Americans angry.
Why should people who didn’t go to college bail out others who did?
Cross posted from American Lookout.