Video of Sen. Warren Confronted on Student Debt Forgiveness Resurfaces in Wake of Biden Bailout

Yesterday Joe Biden announced $10k in student debt forgiveness for most borrowers, which could cost anywhere between $300-600 billion depending on which estimate you look at, though it's unclear how exactly he's planning on accomplishing this. Just last year Nancy Pelosi dismissed the idea of debt forgiveness, telling reporters that people who believe Biden can forgive student loan debt on his own are misinformed. “The president can’t do it. That’s not even a discussion," she said, adding that it would have to be carried out through congress."

Logistical concerns aside, the obvious (potential, for now) vote buying scheme could backfire. Fewer than 14% of Americans have student loan debt, so it's not even a large share of the electorate to try to mobilize ahead of midterms - and then there's the other 86% of the country that could be energized to vote against the party that just made them bail out the 14%. 

A viral video from the 2020 election cycle is going viral again in the wake of Biden's announcement because of those sentiments. In the video, Senator Elizabeth Warren is confronted over her debt forgiveness proposal, which was to forgive up to $50k per borrower. 

“I just wanted to ask one question. My daughter is getting out of school. I’ve saved all my money. She doesn’t have any student loans. Am I going to get my money back?” an unidentified man asked Warren. “Of course not,” Warren replied without hesitation. 

“So you’re going to pay for people who didn’t save any money and those of us who did the right thing get screwed? My buddy had fun, bought a car, and went on all the vacations, I saved my money. He makes more than I did. I worked a double shift,” the man continued.

“....You’re laughing at me,” he then said, which Warren denied. “Yeah, that’s exactly what you’re doing. We did the right thing and we get screwed.

Watch below:



Even with concerns over fairness aside, forgiving student debt does nothing to solve the root cause of the crisis, which is insanely high tuition. Much of this has been enabled by the student loan system itself. Because student loans aren't dischargable in bankruptcy, banks are willing to lend to anyone with a pulse, and can do so with almost no risk. It's not as if colleges are raising tuition because they're starved for cash - they're raising them because they can and people can still obtain loans to afford it. 

Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros

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