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Overview on Biden’s Outrageous Decision of ‘Canceling’ Student Debt

Biden se plantea transferir la deuda de estudiantes a los contribuyentes americanos

President Joe Biden is canceling part of the debt that millions of college students incurred with the federal government to pay for their studies, transferring that amount to American taxpayers.

The President’s decision was made public today, after months of internal debate and with three months left before the November legislative elections, in which the Democrats need the youth vote to maintain their majority in Congress.

According to his plan, Biden plans to cancel up to 10,000 dollars per student, but this measure will only benefit those who earn less than 125,000 dollars a year.

In addition, according to media reports, he plans to again postpone the debt repayment for millions of students in what amounts to be a continuation of a program created in 2020 at the start of the pandemic by his predecessor, Donald Trump (2017-2021).

Those measures would benefit some 45 million students, according to The New York Times.

The more progressive wing of the Democratic Party has been pressuring Biden for months to cancel all or at least part of the student debt, shifting the burden to the remaining taxpayers.

Senate Democratic leader, Chuck Schumer, has called on him to forgive $50,000 for each student, since in some cases debts can exceed $100,000 and even $200,000.

Biden, however, has been unwilling to go that far. During the 2020 election campaign, he said he would support canceling up to $10,000 for each student.

Since coming to the White House in January 2021, Biden has forgiven some $32 billion in debts.

On average, each student owed between $20,000 and $25,000 in 2020, according to the Federal Reserve.

Critics of the measure claim that this action will transfer the debt of wealthier students to the poorer working class of the country, who will have to pay for the education of the middle class with their taxes.

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