Joe Biden announced the “cancellation” of $1.2 billion in student loan debt for over 150,000 borrowers in his latest attempt to buy votes ahead of the 2024 presidential election.
The beneficiaries are those enrolled in the Saving on a Valuable Education (SAVE) repayment plan. According to the administration, they’ve approved nearly $138 billion in student debt cancellation for 3.9 million borrowers through over two dozen affirmative actions. This is largely an upper-class entitlement, considering that college degree holders out-earn the average person. It’s also the case that the median student loan debt in this country is $0.
While announcing the move, Biden bragged about how the Supreme Court tried to stop him (which he framed as being MAGA Republicans’ fault), but he was able to get around them anyway.
“Early in my term I announced a major plan to provide millions of working families with debt relief for their college student debt. Tens of millions of people in debt were literally about to be canceled,” said Biden, almost making it sound like tens of million people were about to be zapped from existence.
“But my MAGA Republican friends, Congress, elected officials, and special interests stepped in the SCOTUS. And the Supreme Court blocked it. But that didn’t stop me. I announced that we’re going to pursue alternative paths for as many borrowers as possible."
Watch below:
While this does have the effect of vote buying, it could backfire and turn the majority of borrowers not having their debt “canceled” against him.
Matt Palumbo is the author of Fact-Checking the Fact-Checkers: How the Left Hijacked and Weaponized the Fact-Checking Industry and The Man Behind the Curtain: Inside the Secret Network of George Soros
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