Malcolm Henry
Add student loans to the pile of lies that President Joe Biden told to get elected — right next to those $2,000 checks, ending the pandemic, extending unemployment benefits, and countless others — as he announced that payments are set to resume on February 1, 2022.
Let’s Go Brandon!
It was October 2020 when we got this great news from Democrats, “I’m gonna eliminate a lot of your student debt… I’m gonna make sure everybody in this generation gets 10k knocked off of their student debt”
It is December 2021 when we got the truth from Democrats, “Fvck you all, thanks for electing us though.”
Forbes was the first place to deep dive on that is means, so if you wanna check that out here or here, both are free links. But I am a man of the people, so I will hit some highlights below, all quotes from Jen ‘Peppermint Patty’ Psaki
- “In the coming weeks, we will release more details about our plans”
- “We will engage directly with federal student loan borrowers to ensure they have the resources they need and are in the appropriate repayment plan.”
- “We are still assessing the impact of the Omicron variant.”
- “A smooth transition back into repayment is a high priority for the administration.”
- “The Department of Education is already communicating with borrowers to help them to help to prepare for return to repayment on February 1.”
- “41 million borrowers have benefitted from the extended student loan payment pause, but it expires February 1, so right now we’re just making a range of preparations.”
There are some members of Congress that will try to fight this measure, but it is unlikely to make a dent in the decision.
There were three congressional Democrats — Senate Majority Leader Chuck Schumer (D-N.Y.), Sen. Elizabeth Warren (D-Mass.), and Rep. Ayanna Pressley (D-Mass.) — that cited a new economic analysis and urged Biden to immediately cancel $50,000 in student loan debt per borrower. Something that is clearly not happening now.
“The pause on federal student loan payments, interest, and collections has improved borrowers’ economic security, allowing them to invest in their families, save for emergencies, and pay down other debt,” the lawmakers wrote. “Restarting payments without canceling student debt will undermine these families’ economic progress.”
The argument now will shift to race as another study they cite outlines that the median Black borrower still owes 95% of the student loans 20 years after starting college, compared with 6% for the median white borrower.
“The cancellation of up to $50,000 of student debt would relieve an enormous burden from borrowers while pumping billions of dollars per year back into our national economy,” Schumer, Warren, and Pressley.
Well, it isn’t happening… FJB.
While it’s definitely a Brandon move, the whole concept of eliminating student debt never sat well with me. “Hey, remember when you borrowed all that taxpayer-funded money and promised to pay it back? Never mind.” At the worst, it undermines the idea of personal responsibility; at best, it’s a slap in the face of everyone who worked and saved to be able to pay for college without loans (or at least with as few loans as possible).
If you’re really looking for someone to blame, take a look at the system that has allowed college costs to skyrocket unchecked, leaving all but the wealthiest unable to afford it without assistance. As an example (not the sole cause, but representative of the problem), of the highest paid state employees in each state in 2018, 29 were head football coaches, 10 were head basketball coaches and 7 were university presidents or other figures in the state university system. That’s 46 out of 50.
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