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Joe Biden breaks ‘ambitious’ campaign promise to address student loans, proposal missing from budget

President Joe Biden is breaking one of his central campaign promises, surely upsetting progressives who wanted Biden to unilaterally cancel the massive bill of student loan debt that Americans have accumulated.

As of June 2020, outstanding federal student loan debt was $1.57 trillion, which included nearly 43 million borrowers.

What did Biden promise?

Biden’s campaign website stated ambitious promises to “more than halve payments on undergraduate federal student loans,” “make loan forgiveness work for public servants,” and even to “make public colleges and universities tuition-free for all families with incomes below $125,000.”

Biden reaffirmed his promise to take action on student loans when, after winning election in November, he endorsed a proposal from House Democrats to “immediately” cancel $10,000 of student loan debt from every federal borrower.

“It’s holding people up,” Biden said of student loan debt. “They’re in real trouble. They’re having to make choices between paying their student loans and paying their rent, those kinds of decisions. It should be done immediately.

“Immediate $10,000 forgiveness of student loans, helping people up there in real trouble,” Biden said.

What are the details?

The Washington Post reported that Biden’s first budget as president, which is expected to be finalized this week, will not address forgiving large amounts of student loan debt,

The absence of student loan debt forgiveness is one of many “ambitious Biden campaign pledges” missing from Biden’s budget proposal, the Post noted.

The exclusion of student loan forgiveness in his budget is notable considering Biden has already proposed three massive legislative spending bills totaling more than $6 trillion. Why not tack on another $1 trillion or so to that price tag to appease far-left Democrats?

As Forbes noted, the writing is on the wall — Biden increasingly likely to renege on his campaign promise:

The exclusion of student loan cancellation isn’t a surprise. Based on the latest news on student loan cancellation, it’s easier to read the writing on the wall about where Biden stands on his executive authority to cancel student loans. It’s not that Biden doesn’t support student loan cancellation; he does. However, Biden wants Congress — not the president — to enact student loan cancellation through legislation.

In fact, Biden recently bucked the idea of forgiving debt incurred by those who choose to attend expensive universities.

“The idea that you go to Penn and you’re paying a total of 70,000 bucks a year and the public should pay for that? I don’t agree,” Biden told the New York Times.

Anything else?

White House press secretary Jen Psaki confirmed in February the Justice Department was reviewing whether Biden has the legal authority to forgive student loans via executive action, something Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren (D-Mass.) have pressured Biden to do.

Neither the Justice Department nor Education Department has commented on Biden’s legal authority to cancel student loans.

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Ocasio-Cortez, other Democrats reveal what agenda they will push with control of White House, Congress

As the dust settles from Georgia’s monumental Senate runoff elections, Democrats are making very clear what agenda they will pursue now that they will likely control the White House and both chambers of Congress.

As of Wednesday morning, Raphael Warnock (D) is the projected winner over Sen. Kelly Loeffler (R), and it appears that Jon Ossoff (D) will defeat Sen. David Purdue (R). If these results stand, the Senate will be split 50-50, giving Democrats control of the upper chamber because Vice President-elect Kamala Harris will serve as a tie-breaking vote.

What do Democrats plan to do?

Taking control of Congress and the White House is a significant feat, and it allows one party to advance its agenda without much resistance.

Now, Democrats will have the opportunity to advance their policies, many of which have been blocked by Senate Majority Leader Mitch McConnell (R) for the last six years.

Rep. Chris Pappas (D-N.H.) revealed Tuesday exactly what Democrats can do with their newfound power by passing legislation blocked by McConnell.

  • Stimulus Checks: House Democrats passed a bill that would provide Americans with $2,000 stimulus checks after President Donald Trump asked for stimulus checks greater than $600. The Republican-controlled Senate, however, squashed the effort.
  • The Equality Act: “The Equality Act would would provide consistent and explicit anti-discrimination protections for LGBTQ people across key areas of life, including employment, housing, credit, education, public spaces and services, federally funded programs, and jury service.”
  • The DREAM Act: A bill introduced to Congress nearly a dozen times over the last two decades, often with bipartisan sponsors, it would “pathway to legal status for undocumented youth who came to this country as children,” according to American Immigration Council.
  • Voting Rights Act: Democrats have attempted to legislatively restore a part of the Voting Rights Act that was struck down by the Supreme Court in 2013. With McConnell in charge of the Senate, Democrats have been unsuccessful in their endeavors.

Pappas said Democrats can also make headway on “infrastructure,” giving states and local governments more funding, likely referring to coronavirus-related aid, and “climate action.” It was not clear whether Pappas was referring to the far-left Green New Deal.

Other Democrats were more explicit.

Rep. Alexandria Ocasio-Cortez (D-N.Y.) said Democrats can now pursue “student loan cancellation,” the end of the death penalty, and “climate justice.”

Rep. Pramila Jayapal (D-Wash.) said Democrats can increase the minimum wage, advance “guaranteed health care,” promote “repro justice,” likely a reference to wider abortion access, and fight for “racial justice.”

“VICTORY in Georgia must lead to transformative change across America! Recurring survival checks, union jobs that pay a living wage, guaranteed health care, racial justice, voting rights, immigration reform, climate action, repro justice, education, and MUCH more. It can’t wait!” she said.

Brian Fallon, who served as a senior member of Hillary Clinton’s 2016 presidential campaign, added that Democrats can now “eliminate the filibuster” and “reform the courts,” a likely allusion to packing the federal courts with liberal justices.

This power shift in Washington, D.C., is significant particularly because it happened so quickly.

Over the span of just two years, the Republican Party, under Trump’s leadership, lost the House (in the 2018 midterms), the White House, and now the Senate.

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Mike Rowe exposes the student debt cancellation scam

In another articulate and insightful Facebook post, Mike Rowe of “Dirty Jobs” fame explained why he doesn’t support student loan forgiveness and why he pities those who were “possibly sold a bill of goods” by going into debt for a four-year college degree.

“Lots of people on this page have asked me to comment on the various proposals to forgive hundreds of billions of dollars in student debt. Many it seems, suspect that I’ll be supportive of these efforts, since I’ve written at length about the outrageous rise of college tuition, and the scandalous ways in which hundreds of thousands of students have been conned into borrowing ridiculous sums of money to purchase degrees that never lead to an actual job,” Rowe wrote. “Well, for the record, I do not support student loan forgiveness.”

Democratic politicians such as Senate Majority Leader Chuck Schumer (D-N.Y.) have recently championed the idea of canceling up to $50,000 in federal student loan debt for each individual with government loans. Rowe argues that such a policy is fundamentally unfair, “especially to the millions of Americans who have paid their college debts, and sacrificed much to do so.” He also says that American colleges and universities will be incentivized to increase their already skyrocketing tuition rates because now the government is sending a signal that it will pay off student loan bills even if students can’t.

“Tuition will never come back to earth, if we bail out those who borrowed more than they could repay,” Rowe wrote.

He cited an article by National Review’s Kevin Williamson that pointed out how canceling student debt is a boon to the wealthiest and most privileged Americans, not to the poorest.

“The majority of student debt is held by relatively high-income people, poor people mostly are not college graduates, and those who attended college but did not graduate hold relatively little college-loan debt, etc. As the New York Times puts it, ‘Debt relief overall would disproportionately benefit middle- to upper-class college graduates.’ Which ones? ‘Especially those who attended elite and expensive institutions, and people with lucrative professional credentials like law and medical degrees,'” Williamson wrote.

Rowe concluded by expressing sympathy for those struggling with student loan debt.

“You were quite possibly sold a bill of goods,” he wrote. “You were very likely pressured by your friends, your parents, or your guidance counselor, to attend the ‘right’ school. You were perhaps a victim of this persistent, pernicious, and preposterous push to peddle a four-year degree to every person with a pulse, and for that, you have my sympathy.”

“But that’s not my fault. Nor is it the fault of the American people,” he added. “The fault belongs to you, and so does the debt.”

That’s why, Rowe explains, he has worked for more than a decade to encourage people to pursue alternate career paths to obtaining a four-year college degree and why his foundation, Mike Rowe Works, funds work-ethic scholarships to help people get training for skilled jobs.

“I don’t want to see more people borrow money they can’t afford to pay back,” Rowe wrote. “But nor do I wish to pay it back for you. I will however, encourage you to apply for a work-ethic scholarship, and wish you every success in the future.”

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Schumer: Biden ‘considering’ cancelation of $50K in student loan debt for every borrower making under $125K a year

Senate Minority Leader Chuck Schumer (D-N.Y.) said Monday that former Vice President Joe Biden is “considering” forgiving $50,000 in federal student loan debt for every borrower with an annual salary of under $125,000 — a move that would place an incredibly heavy burden on taxpayers.

More than 40 million Americans currently have outstanding federal loans, amounting to a whopping total of $1.54 trillion in debt.

What did he say?

“We have come to the conclusion that President Biden can undo this debt, can forgive $50,000 of debt the first day he becomes president,” Schumer announced to supporters outside of his New York office. “You don’t need Congress; all you need is the flick of a pen.

“I have told him how important it is. He is considering it,” Schumer added after a reporter asked if he had spoken to Biden about the proposal. “We believe he does [have the executive authority], and he’s researching that. I believe that when he does his research, he will find that he does.”

During the 2020 Democratic primary, Biden expressed support for a Democratic legislative proposal that would immediately cancel up to $10,000 in debt for each borrower. But since then, progressives in the party have been urging the former vice president to bypass Congress and cancel the debt by executive fiat.

Whether it is constitutional for a president to take such an action remains in question.

What else?

Later during the event, a reporter pressed Schumer on the equity of debt cancelation.

“What about the families that have made sacrifices to pay off the student loans for their students? What about the students who have paid off their student loans?” the reporter asked.

“Look,” Schumer responded, “lots of students paid off student loans, but it’s such a burden it’s good for everybody to make sure this debt is vanquished.”

After the event had concluded, one of individuals standing next to Schumer, mocked the reporter’s question, brushing it off as just the “Fox News perspective” on the issue.

“These people have great futures, but they are burdened by debt … we want to remove it,” Schumer had plainly stated during the event.

Yet, despite Schumer’s portrayal of debt cancelation as an obvious, kind solution, in reality, it is far from either. As TheBlaze previously reported, contrary to what progressive politicians claim, “‘canceling debt’ is not something that actually exists. Lawmakers could remove a borrower’s liability for re-paying the debt, but the debt will be shifted onto someone” and “in the case of federal student loans, the burden would be further shifted onto taxpayers.”

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Joe Biden supports ‘immediately’ canceling some student loan debt, penalizing American taxpayers

Former Vice President Joe Biden declared Monday that, as president, he would move to ensure that Americans with student loans have some of their debt “immediately” — by magic, apparently — wiped away.

Outstanding student loan debt currently stands at more than $1.5 trillion.

What are the details?

Biden was asked by a reporter on Monday whether student loan forgiveness is part of his economic agenda. Biden responded affirmatively, no doubt pleasing the Democratic Party’s far-left members.

“It’s holding people up,” Biden said of student loan debt, the New York Times reported. “They’re in real trouble. They’re having to make choices between paying their student loans and paying their rent, those kinds of decisions. It should be done immediately.”

Biden voiced support for a proposal from House Democrats that would forgive $10,000 of student loan debt per borrower.

“Immediate $10,000 forgiveness of student loans, helping people up there in real trouble,” Biden said, Fox News reported.

House Democrats originally proposed forgiving $10,000 of student loan debt per borrower as part of their proposal for a second COVID-19 relief bill, which had a price tag of $3 trillion, making it the most expensive bill in history. The legislation was never considered in the Republican-controlled Senate because of its cost.

Democrats later scaled back their bill when the Congressional Budget Office estimated that it would cost between $200 billion and $300 billion to forgive the amount of debt they were proposing.

Is forgiving debt a good idea?

Biden is forging a middle ground by supporting the forgiveness of just $10,000.

For many Americans, especially those who worked their way through college to graduate without debt or those who worked diligently after graduation to pay off their debt, any forgiveness is too much. But for progressive Democrats — and many young people, in fact — Biden would not be going far enough.

On Tuesday, Rep. Alexandria Ocasio-Cortez (D-N.Y.), one of the most influential Democrats in the country, reiterated her demand for debt cancelation.

She said, “‘Things were bad for me, so they should stay bad for everyone else’ is not a good argument against debt cancellation – student, medical, or otherwise.”

Contrary to what progressives like Ocasio-Cortez claim, “canceling debt” is not something that actually exists. Lawmakers could remove a borrower’s liability for re-paying the debt, but the debt will be shifted onto someone.

In the case of federal student loans, the burden would be further shifted onto taxpayers.

Canceling student loan debt, then, rewards Americans who choose to go into debt for a degree — and agree to re-pay their debt — while penalizing Americans who did not choose debt, one critic told Ocasio-Cortez. Magically wiping away debt absolves all responsibility for mostly unwise decisions, removing the life-learning element included in accepting a mountain of debt for a college degree with a poor return on investment.