The Bitchuation Room with Francesca Fiorentini
@franifio·283K subscribers·2.7K videos
Why Biden’s Probably Afraid to Cancel Student Debt
Posted
July 17, 2022
Views
2,132
Likes
366
Comments
44
July 17, 2022
2,132
366
44
19.23%
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
10:10Now PlayingWhen it comes to Student Loan Debt, we’re stuck in a weird holding position. While the administration has paused servicing on these loans, they’re consistently threatened to restart mandatory payments and the accrual of interest over and over. Every time the pause is about to expire and repayments will begin being enforced again, we’re able to convince Biden not to do it. And yet he’s still not making moves to cancel even $10,000 of student debt. How much longer can we keep kicking the can down the road like this?
Why might Biden be so committed to making sure these loans get repaid? Why not cancel it all together, like he seemed to promise on the campaign trail, and actually do something for the under 30 crowd that he is HISTORICALLY unpopular with (less than 1% of 18-30 year olds strongly approve of Pre. Biden)? It could have something to do with interest rates and inflation. If people have their debts removed, they will have more money. That’s good for everyday people but could lead to more inflation.
According to Professor Wolff, it can also be explained by Biden’s most base instincts: he’s a corporate man through and through. For his entire political career, Biden has been a politician from Delaware, the state where over 90% of American Corporations are headquartered (at least on paper). Delaware is a state designed for corporations, and much like how the Senators from New York will do their best to serve interests on Wall Street, Politicians from Delaware are always going to make sure that corporations get the largest piece of the pie. When it comes to student debt, that means making sure that every creditor gets paid before any millennial gets relief.
Richard D. Wolff is a Professor Emeritus of Economics at the University of Massachusetts Amherst. Follow Professor Wolff on Twitter
Recorded July 10rd, 2022
Get your TBR merch
***************************
Independent creators rely on your support to create the content you want!
Become a Patron of The Bitchuation Room:
Tip the show:
Venmo: @TBR-LIVE
Cash-App: @TBRLIVE
Get your TBR merch: www.bitchuationroom.com
***************************
Thanks to Paige Omek, Alexandra Ornes, and Max Inhoff
***************************
Follow The Bitchuation Room on Twitter @BitchuationPod
Check Out The Bitchuation Room Podcast
Google Music
Find Francesca On:
YouTubeThe Bitchuation Room’s channel
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
