One of the frequently mentioned goals of progressive activists is the cancellation of student loan debt — and Democratic presidential nominee Joe Biden appears poised to deliver the far-left dream if he is officially determined to be the next president.
In a statement on Monday, the former vice president stated that he would be prepared to “immediately” wipe away $10,000 in individual student loan debt, as reported by TheBlaze.
How that supposedly forgiven debt would be repaid, however, was not immediately clear from his remarks on the matter.
According to reports, a journalist asked Biden if student loan debt cancellation would be part of his economic plan if he becomes president.
“Immediate $10,000 forgiveness of student loans, helping people up there in real trouble,” he said, according to Fox News.
Biden went on to argue that those Americans with mounting student loan debt were left to “make hard choices between paying their student loan and paying the rent” or other essential bills.
“It should be done immediately,” he said, though the remark was later clarified by an unnamed official. Instead of arguing for executive action on the issue, the source indicated that Biden wants Congress to “immediately” take action in pursuit of loan forgiveness.
“Someone has to pay”
As it turns out, Democrats have already introduced such a plan in the form of a proposal by Sen. Elizabeth Warren (D-CA) that would erase up to $50,000 in student loan debt per individual.
Also worth noting is that Biden has previously suggested his recommended $10,000 amount be included in the next round of COVID-19 relief considered by lawmakers. In real numbers, however, the student loan debt problem takes on a staggering new perspective. According to NerdWallet, an overwhelming majority of the nearly $1.7 trillion in student loan debt is in federally backed loans.
On an individual basis, the average borrower is about $29,000 in debt with the typical debt-holding household representing about $48,000 in student loan debt. Among those who pursue graduate and other high-level professional degrees, the average debt burden is obviously much higher, often landing well in the six-figure range.
TheBlaze’s Jessica O’Donnell offered a pragmatic take on the proposal:
You’re not “canceling” a debt. You’re moving it. Someone has to pay.
And it’s going to be the people who already paid for our student loans because we worked hard and said “no” to a lot of fun things the folks with debt chose to say “yes” to. https://t.co/gRWxmU4QkC
— Jessica O’Donnell (@heckyessica) November 17, 2020