Biden wasn’t exactly shy about the issue. And while he never got as far as the $50,000 pushed by Sen. Elizabeth Warren and others, he promised $10,000 in loan forgiveness.
SDCC believes we must act now to meet the immediate needs of borrowers and fix the failed debt-financed higher education policy experiment. Over 45 million Americans owe over $1.7 trillion in student loans. For millions of individuals and families, the burden of higher education debt is crushing. Student debt means the postponement of countless dreams: buying a house, starting a family, building a business. This crisis is borne disproportionately by Black, Indigenous, and People of Color (BIPOC) and continues to deepen economic inequality.
Student debt relief policy is more complicated than it first appears. A poll put support at 62%, but the politics of resentment works well on this issue. Many people have already repaid their loans, so they feel abandoned. Of course college is exponentially more expensive these days than in the days of tradition, but remember: in politics, if you explain, you lose.
Additionally, those without a college education believe that their taxes have simply helped educate children who will have a competitive advantage over their own uneducated children. Of course, this might be less relevant today, because education level is one of the strongest predictors of party preference.
And of course, rural America is heavily subsidized by educated urban America, with agriculture alone absorbing tens of billions in federal subsidies. So here is. Logic is good, but politics is difficult.
Is navigating these waters the reason Biden is dragging his feet on his very clear campaign promise? We will try to understand this today, with our expert guest.