Student loan debt in the United States is a controversial topic that’s become political over several years.
Some people believe student loans should be erased altogether. Folks with this mindset argue that when young people take out these loans for higher education, they don’t fully understand the long-term ramifications.
Likewise, advocates of loan forgiveness argue that student loans today are stopping young people from having bright financial futures.
However, individuals who oppose student loan debt note that if someone borrows money from the government by their own volition, they ought to pay it back. Individuals with this mindset also note the unfairness of passing the bill of student loans onto taxpayers.
Nevertheless, when Biden ran to be President back in 2020, he promised to do away with student loans. Now, with the midterm elections being mere months away, progressives are pressuring Biden to make good on his word, as reported by TheBlaze.
While speaking with the New Yorker, House Democrat Alexandria Ocasio-Cortez explains that Biden’s refusal to remove student loan debt is hurting the party as a collective.
Ocasio-Cortez stated that if Biden doesn’t make good on his word between now and November, there’s a genuine possibility of Republicans taking back the House of Representatives, the Senate, and the White House.
The Congresswoman then declared that Biden could remove student loan debt with an executive order. However, this is not true. A President can use executive action to delay the payments folks owe, although he cannot use an executive order to forgive student loan debt altogether.
Ocasio-Cortez’s statements with the New Yorker mirror similar remarks from Sen. Bernie Sanders. On Super Bowl Sunday, Sanders too expressed the need for Biden to issue nationwide student loan forgiveness.
Months ago, the White House inferred that it is waiting on Congress to act regarding the issue of student loan debt. Despite all the calls from his party, Biden hasn’t moved to remove student loan debt.
Furthermore, Congress hasn’t issued any bills to relieve people of the student loans they knowingly took out from the federal government. At this point, it’s getting more evident to most people that student loan debt erasure just isn’t going to happen.
Biden issued a series of moratoriums, thus extending the periods that people can go without paying off their student loans. However, the latest moratorium is set to end next month, thereby leaving many Americans right back where they started.