President Biden is facing new calls for student loan forgiveness from liberals during his visit to his home state of Delaware.
This time, the National Association for the Advancement of Colored People (NAACP) is asking the president for the complete forgiveness of student loans.
Liberals Call for Sweeping Student Loan Forgiveness
Up until now, most leftist politicians asked for loan forgiveness of up to $50,000 per student. However, the latest calls are urging the president for more promising efforts to forgive the entirety of loans for every student.
According to a full-page advertisement of NAACP in the Wilmington News Journal, Biden should cancel all student debt; the efforts should not be limited to just $10,000.
Biden was expected to announce $10,000 per borrower relief during his speech at his alma mater, but the announcement was delayed.
The university is one of the most important educational institutions against student loans.
Efforts of liberal Senator Elizabeth Warren to encourage Biden to forgive loans up to $50,000 also revolve around this university.
Warren previously asserted student loans are not regressive, which is evident from the fact that 55% of students of the University of Delaware utilize this facility.
In contrast to this, only 2% of students of Harvard university acquire federal loans, as per the Democratic senator.
President Biden’s plan to cancel student loan debt is nothing more than an Ivy League bailout paid for by blue-collar Americans.
This tax on the working class would cause inflation to soar even higher.https://t.co/kcosygWXcu
— Tim Scott (@votetimscott) May 28, 2022
This school-specific appeal of the senator is likely to impact the final amount of loan forgiveness by the president. Reportedly, Biden is aiming to introduce an income cap to decide who can qualify for these social perks.
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These efforts of most Democratic senators are directed to save the party from a humiliating loss in the midterm elections.
Warren also mentioned in her op-ed for the New York Times that if Biden fails to forgive these loans ahead of November, Democrats will face “big losses” in the elections.
She even noted the president can eliminate gender and racial differences with the “stroke of a pen.”
Although the White House has not yet outlined the exact amount of loans to be forgiven, Biden pledged to forgive at least $10,000 per student during his presidential campaign.
With more than 16 months in the office, Biden is yet to make any decision, even though he said last month he would make a final decision within a couple of weeks.
Many economists already warned the mighty ambition to forgive loans worth $1.7 trillion can cause unprecedented strain on the economy, resulting in a massive inflation drive.
One question about Biden’s college loan forgiveness program. Why should a waitress with 2 kids making $35,000 annually pay the law school loan of a lawyer making $250,000?
— gary sasse (@gssasse) May 27, 2022
Meanwhile, the White House already refused to comment on whether it analyzed the impact of the measure on inflation.
The latest reports suggest the president is trapped between his pledge and the actual situation of the economy.
So, he is trying to only stand by his campaign promise to forgive $10,000 of student loans for single people making $150,000 or for couples making $300,000.