Some prominent Democrats, including Senator Chuck Schumer and Senator Elizabeth Warren Pressure President Joe Biden By issuing an executive order, you allow up to $ 50,000 in student loan debt. This is a bad idea on so many levels that it is difficult to know where to start.
It should be indisputable to claim that American citizens over the age of 18 are responsible adults for what they buy at the time of signing, as in the “Dreaming Skyscrapers” line., “”On the dotted line.. Taking a loan you didn’t understand is not a scam, no matter how much you want it, and this debt Biden’s pen flick..
But the debate over mortgage forgiveness is now driven by emotion, not reason. For its supporters, it’s clearly a humanitarian act to help those who complain about taking out a loan to go to college, and only miserable Tightwad will reject it. For opponents, it’s a decadent American who wants taxpayer bailouts for their personal choice, a liberal baby boomer gift to their own grandchildren that no one will ever see again. This is just one example.
Student loan forgiveness is bad politics
All this sounds like a fervent plea for young people to get off my lawn, but I’m not a baby boomer, a millennial, or a Generation X. My small notch in the population born between 1958 and 1964 was too young for Buffalo Springfield and too old for Nirvana. I came from a working class family who first attended college, and I spent years paying off student loans issued at an inflation-led rate of nearly 14% in the late 1970s. It was. I understand the urge to take this financial millstone and eliminate it altogether.
This is all a strong issue, but it may not be the way Democrats want it.
Now let’s instead talk about whether mortgages are a good politics in an era when the Democratic Party is holding up with a very thin margin against the authoritarian political movement known as the modern Republican Party. There are three main reasons why a loan forgiveness plan can hurt Democrats in the short term. These are ironic and unpleasant issues that must be discussed, but they will not go away between the present and the next two election cycles.
First, Republicans describe this as an expensive giveaway that shows how much Democrats care about college graduates and not at all about working people. And once, the rhetoric of their class struggle is not completely wrong. The beneficiaries will be a chosen group of Americans.
Sure, Republicans never miss a trick.They will grab an example of an atypical American like recently profiled New York Magazine Articles To put it mildly, it didn’t help in the case of forgiveness. It’s a man in his 40s who admits he’s transferred to an expensive school to study filmmaking, a man in his 20s whose remaining debt of $ 9,800 is preventing her selective breast reduction surgery, and gays. Featured a couple (both full-time professionals with a graduate degree). They feel they don’t have enough money to hire a baby. (I am familiar with these costs; I am an adoptive father.)
If this is a discussion of compassion and social justice, these examples do not have a college education that feels already sandwiched between other debts such as medical expenses and housing where such magical remedies are not available. It does not resonate with the working class.
Democrats may oppose a minority of students rather than middle-class whites. Will profit disproportionately They are likely to be in student debt as a group.But most beneficiaries Become a white person with a college education overall, And for $ 50,000 per pop, these make students a fairly expensive choice. ( Average undergraduate I graduate from college with a debt of over $ 30,000. )
In his honor, Biden seems to understand this issue and clearly states that he cannot support the plan to be final. Ivy League Educational Grants.. Nevertheless, Schumer and Warren seem to be determined to step into the political topic immediately.
Second, paying twice for the same victory is a bad idea (both political and military strategy). If the goal is to expand the democratic coalition Already leaning towards the Democratic Party — College-educated voters — Shrugging to those trying to get out of a major illness or other inevitable problem is the wrong way to do it.
Strengthening the base is one thing. While doing so, alienating gettable voters is another.
Third, the claim that this is done by executive order-a habit that both parties must break-may include important legislative reforms on education debt (bankruptcy law reforms, interest abolition, and even the disappearance of thoughts). The situation that helped them create a partial responsibility to the university without) means that there is no way to present this plan as anything other than a one-time voter acquisition. .. Biden, wisely, Prefer legislative solutionsBut last week, White House Chief of Staff Ron Klain said the administration was investigating the scope of the president. Legal authority About this issue.
Joe Biden should be solid
Democrats should not underestimate the creation of resentment in all directions by promoting the elimination of fiat debt. Among those who went and repaid their debts, and perhaps most worrisome, among future voters who never get the same deal.
Unless you plan to engage in cyclical student loan bailouts, future generations will have to hear about the forgiving golden day that was bestowed on middle-class Democrats and then disappeared into the fog of history. , Will continue to struggle — and Republicans will make sure that college students today remember it that way years later.
Universities are too expensive for many reasons, but simply waving a benevolent hand to eliminate debt creates social hostility and undermines the basic virtues of paying debt, and perhaps most importantly, in the short term. Of the government from a completely sneaky Republican, the Democrats are hurting their ability to defend control.
Given all the problems the United States faces in 2021, is student loan forgiveness worth the political capital the Democrats have to spend to get it? Biden doesn’t seem to think so and he needs to hold firmly.
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This article was originally published in USA TODAY: Allowing $ 50,000 on a student loan is a bad idea for Biden and the United States