In a classic case of never letting a crisis go to waste, President Joe Biden decided to exploit the chaos caused by House Republicans’ leadership overhaul to engage in some shameless politicking for his 2024 reelection bid. The President gleefully announced that he will be canceling $9 billion in student debt for 125,000 individuals. Talk about opportunism!
Now, let’s not forget that Biden’s previous attempt at student debt forgiveness was deemed unconstitutional by the Supreme Court. But hey, who needs the Constitution when you’re trying to secure votes?
According to Biden’s administration, the relief will be distributed through various programs, including income-driven repayment plans and Public Service Loan Forgiveness. A whopping $5 billion will go to those who’ve worked in public service for over a decade. Another $2.8 billion will be thrown at borrowers enrolled in income-driven repayment plans, and $1.2 billion will be handed out to borrowers with disabilities.
The debt cancellation President Biden announced Wednesday affects 125,000 borrowers. It comes as millions of people with federal student loans are resuming payments on their debt this month after a three-year pause because of the coronavirus pandemic. https://t.co/q3wYhQLM1H pic.twitter.com/hnbuXanvHh
— The Washington Post (@washingtonpost) October 4, 2023
Of course, this move is nothing but a calculated political maneuver. The announcement conveniently comes at a time when millions of Americans are facing the resumption of student loan payments after a pandemic-era grace period. Biden knows that by waving his magic wand and canceling some debt, he can sway young voters (a key Democratic constituency) in his favor. Anything to secure his position and cling to power.
But here’s the thing, folks: debt doesn’t just magically disappear. Someone has to foot the bill, and guess who that someone is? That’s right, it’s the hardworking taxpayers who have responsibly managed their own finances. It’s the responsible thing to set aside money for loan payments and not rely on the government to wipe away your debts.
Yet, here we are, with President Biden happily passing the buck to the American people, burdening them with yet another exorbitant cost. It’s no wonder that young voters are already disillusioned and tend to stay home on election day unless a charismatic figure like Barack Obama is on the ballot.
So, thanks for sticking us with that bill, Mr. President. Your short-term political gains come at the expense of hardworking taxpayers who are tired of shouldering the burden of your reckless spending. It’s time for conservative leaders who prioritize fiscal responsibility and personal accountability to step up and offer real solutions, not just empty promises aimed at securing votes.