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this post was submitted on 18 Jul 2023
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While I am by no means a Clinton fan, a huge part of the student loan hellscape is less Clinton active malice/stupidity and more Gingrich and company leverage - AKA the usual right-wing obstructionist bullshit that people gave them the numbers to force through. It wasn't helped by Clinton's need to cave due to getting sloppy toppies in the Oval Office and the huge stink Newt and Starr raised to get their way...or the Perot school of 'fuck you I got mine' Libertarians who apparently needed placating to keep the Dems in office.
Yes because they held a gun to his head and ordered him to not veto it.
Neoliberals don't like student loan forgiveness, they like Clinton who made it very hard to get it forgiven.
No gun is required when so-called self-interests are threatened. He shouldn't have caved, but then he also shouldn't have given credence to the welfare and social safety net talking points from the Reich wing. And the CBC damned well shouldn't have gone along with bullshit 'tough on crime' narratives.
He didn't veto it and no one forced him. There really is nothing else to say. The neoliberals knew full well the disaster that would follow but not only ignored it they also actively encouraged it.
Anyone with brains could see that if tuition is rising faster than income and you make student loans inescapable you would end up with mountains of debt. The only two options I can see
They couldn't see the obvious in which case they should have zero power.
They knew this would happen and wanted it.
I don't completely disagree, though the argument bears the advantage of hindsight. My suspicion is that the balance of the problem stemmed from the typical right wing obsession with the desire to obliterate the social safety net but the lack of pushback was due to an explicit underestimating of the scope of resulting fuckery - see also those black politicians who didn't push back on Tough on Crime bullshit. People made bad calls out of panic and circumstances, and fixing the problems are far simpler onbpaper than in application, particularly because of those who see the situation as a feature, not a bug.