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White House cancels $5 billion in student debt for 74k borrowers
(www.nbcnews.com)
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this post was submitted on 19 Jan 2024
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politics
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Just forgive it all, for fucks sake.
Pretty sure he was about to do that, only to have republicans take it to the supreme court where it was struck down. I don't get why there's still this narrative of Biden being the bad guy because he can't just wipe out all student debt, and why some people keep framing that as his choice. I thought we all watched that SCOTUS case play out in real time.
There was never an attempt to cancel all the student debt. If he had done that from the jump, the court case would have been a lot weaker.
Wut
Here’s the fact sheet for the first cancellation move: https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/
$5-10k for lower- and middle-income borrowers. The legal challenge was that this was discriminatory (and it was.)
If the first action the Biden administration took was to cancel all the student debt the federal government guaranteed, the legal challenge would have fallen flat because the “injured parties” would not have been injured. Instead we’ve gotten this piecemeal bullshit designed to appease voters who are justifiably angry with the Biden administration but will have minimal impact on the actual problem of student debt or availability of higher education.
I see. So do you think it was intentional?
I do. One of Biden’s longest-running bases of support is the financial industry, and any move that might suggest debt shouldn’t be a fact of life will scare the banks. In a more general sense, Biden is as much a machine democrat as Hillary Clinton, and for them anything that might disrupt the status quo is an absolute no-go. Student debt forgiveness for all would be a massive shock to the status quo.
That's too conspiratorial for me. I'd have to see evidence of some kind other than past associations.
Thats the problem with politics pretty much anywhere. You rarely get anyone spelling out their actual motives. For an example of what it sounds like when a political strategist speaks openly, google “Lee Atwater southern strategy.”
All politicians talk and think like that, it’s just they’re usually really good about hiding it.
he would if the supreme court didnt strike it down...
The case before the Supreme Court was based on the exclusion of some borrowers. The first action was to forgive $5-10k for low- and middle-income borrowers. The people who sued were well-off enough that they weren’t included. If his first move had been to cancel all student debt guaranteed by the federal government, the plaintiffs would have lacked standing to sue and the case would likely not have gone to the Supreme Court. If it had it would have been a much weaker case because there would be no group of borrowers who were excluded.