Bidenās rambling justification of the status quo was peppered with straw men, invocations of false scarcity and non-solutions. He pitted working-class Americans against each other, implying that people who attend private schools arenāt worthy of relief, as though poor students donāt also attend such schools. He said that money would be better spent on early childhood education instead of debt cancellation, as if educators arenāt themselves drowning in student debt, and as if we canāt address both concerns at once. He suggested relying on parents or selling a home at a profit to settle your debt, a luxury those without intergenerational wealth or property cannot afford. And he touted various programs, including Public Service Loan Forgiveness (PSLF), that have totally failed borrowers: over 95% of PSLF applicants have been denied.
In contrast to Bidenās smug comments, Congresswoman Ayanna Pressley recently revealed that she defaulted on her student loans. Similarly, at a recent Debt Collective event, congressional hopeful Nina Turner said that she and her son owe a combined $100,000. Former Georgia gubernatorial candidate Stacey Abrams has, of course, proudly confessed to being in debt, and Alexandria Ocasio-Cortez has said that becoming a congressperson was easier than paying off her debt. Philadelphia councilmember Kendra Brooks (who is planning to introduce a city resolution calling on the Biden administration to cancel all student debt) has also spoken out about her own struggles as a borrower. Their experience and candor ā and commitment to real solutions including cancellation ā demonstrate why we need debtors, not millionaires, in our public offices.
Letās be clear about another thing. Biden ABSOLUTELY has the legal authority to use executive power to cancel all federal student debt. Congress granted this authority decades ago as part of the Higher Education Act. Itās even been put to the test: in response to the Covid pandemic, Donald Trump and his former education secretary, Betsy DeVos, used that authority three times to suspend payments and student loan interest.
Biden owes this country debt relief not only because he campaigned on it, but because he helped cause the problem. A former senator from Delaware, the credit card capital of the world, he spent decades carrying water for financial interests and expanding access to student loans while limiting borrower protections.
Instead of acknowledging this generational disparity, Biden reiterated a common criticism of more generous forms of student debt cancellation ā that it would help the privileged, specifically the minuscule subset of debt-holders who attended the Ivy League. But as Ocasio-Cortez tweeted in response: āVery wealthy people already have a student loan forgiveness program. Itās called their parents.ā As things stand, poor and working people typically pay more for the same degrees than their affluent counterparts due to years or decades of monthly payments and accumulating interest. Our debt-financed higher education system is a tax on poor people who dare pursue a better life.
Read more: https://www.theguardian.com/commentisfree/2021/feb/25/joe-biden-student-debt-american-students
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