President Biden announced Wednesday his plan to forgive student debt. It seeks to forgive $10,000 for borrowers earning less than $125,000 a year, extending the payment freeze. Having just months to go before the midterm elections, this issue is nothing more than a desperate move by Democrats to try to somehow soften the electoral catastrophe that looks like they will have in November.
While inflation has reached historic levels, gas prices are skyrocketing, crime is overwhelming Americans, the border is in crisis, and parents are concerned about the indoctrination of children in schools, appealing to young people and their families with a gift like forgiving college debt seems more effective than trying to solve the problems the current administration has created.
But things as they are, this plan of the Democrats just a few months before the elections is nothing more than vote buying in disguise. Vote buying that taxpayers will pay for, because the state has no money, the money always comes from the people. According to an estimate by Penn Wharton’s budget model, the write-off that President Biden has put forward could cost a minimum of $300 billion.
To put it bluntly, forgiving student debt is taking money from the middle and lower classes – who are the most affected by taxes and inflation – to give it to those who have the opportunity to have access to higher education. It does not seem at all fair that the Democratic Party wants to buy the votes of educated young people with the money of working-class Americans.
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Vanessa Vallejo. Co-editor-in-chief of El American. Economist. Podcaster. Political and economic analysis of America. Colombian exile in the United States // Vanessa Vallejo. Co-editora en jefe de El American. Economista. Podcaster. Análisis político y económico de América. Colombiana exiliada en EE. UU.