Why Biden’s Probably Afraid to Cancel Student Debt
July 17, 2022
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10:10Now PlayingWhy Biden’s Probably Afraid to Cancel Student Debt
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as posted by the channelWhen 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
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