“Canceling just $10,000 of debt is like pouring a bucket of ice water on a forest fire.”
Image Credit: Debt Collective
In a much-anticipated move, President Biden has signed an executive order Wednesday for student debt relief that could help more than 40 million borrowers by canceling up to $20,000 of their federal loans. Many advocates for canceling student debt say Biden’s plan doesn’t go far enough, while Republicans decry the plan as “student debt socialism.
So my reactions, you know, are mixed. It’s bittersweet, because assuming — you know, there are some problems in terms of the fact that they are requiring people to fill out applications to get this relief. But assuming people do that, then, yes, up to 20 million people can have their balances wiped out. That’s absolutely game changing. We’re seeing messages from people, you know, hearing from friends and family that they’re crying, that their lives have been changed.
The thing is, again, these policies do need to be coupled, debt cancellation plus restructuring the political economy of higher education, so that public colleges are actually public again, and that people can go to school and pursue higher education if they want to, without the burden of debt. But we’re going to have to fight that fight. So, there’s often a false opposition in the way people frame this thing.
And, of course, let’s not forget that, you know, where was this — where was this grave concern when large corporations and millionaires were getting forgivableloans, which on average were worth about $90,000? Where were they when the banks were getting bailed out, right? Where were they when the government was buying billions of dollars of bad corporate debt? So it’s just very cynical. And I think you can judge a policy by its enemies.
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