Imagine having the power to wave a magic wand and make the staggering amount of $1.6 trillion disappear into thin air?
Then imagine an American president having that kind of power. Suffice it to say, America wouldn’t be America for very long if a president could do that.
Joe Biden thinks he has that power. Democratic Senate Majority Leader Chuck Schumer told the Student Debt Crisis Center, a group advocating for the cancelation of all student debt, “We’re making progress, folks. We are making progress. The White House seems more open to it than ever before.”
Related: If Biden Doesn’t Forgive Student Loan Debt, He Could Lose 20% of Democrat Support
It’s not just the staggering amount of money that would disappear if Joe Biden listened to the radicals urging him to cancel all student loan debt. What about personal responsibility? What do we say to those millions of Americans who either didn’t take out student loans and worked their way through college or acted responsibly and paid off the loans they took out to get an education?
“Sorry, chumps,” we should tell them. “Acting responsibly is for losers.”
Following the extension of the student-loan payment pause, with waived interest, through August 31 last week, both Democratic and Republican lawmakers expressed their grievances with the additional temporary relief. The GOP argued further relief was not warranted and said it would hurt taxpayers and the economy, while Democrats said an extra four months was not enough — the pause needed to be extended through at least next year to fix flaws in the student-loan industry and allow time for debt cancellation.
Lawmakers have made their opinions of student-loan relief clear, but Biden himself has not. He pledged during his campaign to approve $10,000 in student-loan forgiveness, but since then, he has been silent on the issue, despite implementing targeted relief to certain groups of borrowers, like those defrauded by for-profit schools.
It’s always someone else’s fault, isn’t it? It’s the greedy capitalists who snookered kids into believing their environmental studies major or film appreciation major would allow them to earn enough to pay off their loan, get married, buy a house, and raise a family.
It’s hard to repay a student loan on a barista’s salary.
Still, Democratic lawmakers maintain they want some form of permanent relief. Nearly 100 of them recently called on Biden to cancel “a meaningful amount” of student debt, and while many of them have targeted $50,000 in forgiveness as a good starting point, Chair of the Congressional Progressive Caucus Pramila Jayapal recently said the goal right now is for Biden to “make progress” on the issue.
That doesn’t mean they’re not advocating for complete student loan relief.
“We want our young people to realize that they can have a good future,” Schumer said. “One of the best ways to do it is by canceling student debt, by getting rid of the $50,000, even going higher after that.”
How about repaying a loan on a doctor or a lawyer’s salary?
As journalist Emma Ayers adds, “Students from families earning more than $114,000 a year borrow at the same rate as the lowest-income students — and they take out loans nearly twice as large. Students with advanced degrees — lawyers, doctors and others — account for 40% of all student debt
Delayed gratification is not part of the Democrat’s vocabulary. Acting like an adult and working toward Schumer’s “good future” responsibly is not in the lexicon of millennials who can’t understand the secret of how their parents became so successful (Hint: Hard work is part of the answer.)
Student borrowers will never have to make another payment on their loans ever again. The Democrats and Biden have fixed it so that any attempt to restart loan repayments will result in a cacophony of weeping, wailing, and gnashing of teeth.
Abracadabra hocus-pocus…Shazam! That’s how you cancel $1.6 trillion in student loan debt.
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