One of Joe Biden’s campaign promises was to do something about the student debt “crisis.” Apparently, being expected to pay back a loan is a big problem for Biden’s constituents, and they want the taxpayers to come to their rescue. Joe has flirted with $10,000 of relief per borrower, but some Democrats, like Sens. Chuck Schumer (D-N.Y.) and Elizabeth Warren (D-Mass.), want $50,000.
So, what will Joe Biden do? He’s extended the student loan payment pause four times already, and he’s under increasing pressure from his party to follow through with his promise via executive action.
Biden, to his credit, has said that a legislative approach would be better. But, given his poor approval ratings, it seems possible that Biden might see student debt relief as a Hail Mary to save his party in the upcoming midterm elections.
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White House Press Secretary Jen Psaki hinted at this during her appearance on Pod Save America last week.
“Between now and August 31, it’s either going to be extended again or we’re going to make a decision, as Ron [Klain] referenced, about canceling student debt,” she said. Klain had previously said on the same podcast that Biden might take executive action on canceling student debt.
“Joe Biden right now is the only president in history where no one’s paid on their student loans for the entirety of his presidency. And so the question whether or not there’s some executive action on student debt forgiveness when payments resume is a decision we’re going to take before payments resume,” Klain said.
Some Democrats insist Biden has the legal authority to cancel student debt, but even Nancy Pelosi has said he doesn’t. “People think that the President of the United States has the power for debt forgiveness,” she said in July. “He does not. He can postpone, he can delay, but he does not have that power. That … has to be an act of Congress.”
Would that stop Biden? Probably not. Biden previously said he wouldn’t impose a vaccine mandate then went ahead with one anyway. Also, like Obama before him, he’s shown a willingness to push the boundaries of presidential powers, knowing very well that liberal activist judges will cover for his actions.
Psaki’s timeline strikes me as particularly interesting. She said that between now and Aug. 31, Biden will make a decision. What seems to be the most politically opportunistic play here?
Biden won 60% of the youth vote in 2020, but according to the latest Quinnipiac Poll, his support among young people has tanked to 21%.
It seems like we’re getting a lot of hints that the White House is warming up to trying executive action on student debt. While I’m not one for making predictions, I could see Biden making the following play on student loan debt:
By the end of August, he’ll announce an executive action canceling at least $10,000 in student loan debt per borrower. That gives him the ability to say he followed through on his promise as well as a prime opportunity to call on Congress to cancel more debt, up to $50,000 per borrower, and use that as a call-to-action to voters to elect Democrats during the midterms.
I guess we’ll just have to wait and see.
