Joe Biden was under immense pressure from his radical base to eliminate a trillion dollars worth of debt owed by students “with a stroke of a pen.”
Biden is sure to never be allowed to do this. From the moment he gets to Christmas, there will be legal proceedings. Biden also understands that allowing the debt to be paid off would raise the cost of living. Biden does his best to ensure that the minimum amount is reached. Biden will issue an executive order to pay back $10,000 of student loans for those who earn less than $125,000.
Like many Biden ideas derived from the American Rescue Act To Build Back Better, this will not meet the needs of anyone. For those who are radical and want to eliminate all students' loans isn't enough. More established Democrats are worried about inflation.
CNN: Progressive leaders are becoming aware that they will not receive everything they desire. Even if Biden decides to not to grant the $10,000 forgiveness he promised in his 2020 campaign, some prominent progressives are planning to voice their displeasure.
There are still people who want $50,000 of relief, but not many who are involved in discussions think that it is feasible. They've been fighting against any income based means-testing which they claim could be a snare for thousands of customers who are not eligible for the benefits due to bureaucracy in the government or who have amassed hundreds of millions of dollars of loans they are still required to pay even though they earn higher incomes.
One of the suggestions that was discussed in discussions in the White House was that the $10,000 loan forgiveness be announced in conjunction with ending the moratorium for student loan repayments. The deadline for August 31 repayment is the most recent extension.
There are those who advocate for more debt relief.
Warren shared her top facts along with Biden as well as other top advisers like Ron Klain (White House chief of staff) and she pointed out that only 2% of Harvard graduates have debt, as compared to half of those who graduated from Delaware University. It is the school of choice of President Obama and also one of the schools Warren will be speaking to this weekend.
She will highlight how 91% of the students at historically Black universities and colleges receive loans. She will also highlight the amount of students who have student debt who haven't completed the required courses to obtain their degrees.
Biden doesn't understand the significance that he'll never do enough to please the radicals. Radicals will never be willing to give up. They'll travel 100 miles for one mile. This is the very nature of radicalism. Biden has been unable to comprehend this since he took office.
It could be his downfall in the end.