What the President does is not going to be enough for student loan debt.
This week, President Joe Biden unveiled a plan for student loan forgiveness to be enacted entirely under the powers of the executive branch. While the $10,000 loan forgiveness got all the headlines, other aspects will have potentially life-changing benefits for borrowers.
However, it is a far cry from the total forgiveness of undergraduate debt that Biden promised on the campaign trail. This has a lot of folks on the left incensed that Biden has made only a token gesture on an issue that is very important to his base. I’ve lost count of the number of people on Twitter who are convinced that the president could simply wipe out all debt tomorrow with a single signature. The implication is that since he has not done so, he doesn’t take the issue seriously.
Let’s say for a second that Biden did wipe out all student debt next week by executive order. Every. Single. Drop. Millions of Americans are free from their payments. Huzzah!People are enrolled in school right now. Millions of kids graduate high school every year and start matriculating to colleges and universities. Those educations will have tuitions, and those tuitions will have to be paid.
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