Biden Betrays His Base, Won’t Support Canceling $50,000 In Student Loan Debt For Americans

Former Vice President Joe Biden delivered a crushing blow to many who support him when he came out against the elimination of $50,000 in student loan debt for Americans during Tuesday night’s CNN town hall.

The controversial debt cancellation idea was championed by progressives including Bernie Sanders and Elizabeth Warren, and many young voters fell for the lie.

On Tuesday, in what amounted to a CNN infomercial, the nation’s newly installed 46th president threw cold water on the hopes of masses of underemployed millennials by rejecting the idea although said he’d be open to a drastically smaller amount.

Watch below:

Via NBC News, “‘I will not make that happen’: Biden declines Democrats’ call to cancel $50K in student debt”:

“President Joe Biden said Tuesday that he would not eliminate $50,000 in student debt, shooting down a proposal that prominent Democrats introduced this month, but that he is open to some level of loan forgiveness.

“I will not make that happen,” Biden said at a CNN town hall in Milwaukee, his first event outside Washington since he took office, in response to an audience member who called on him to commit to cancel at least $50,000 in debt.

Biden, listing off the six-figure debts he said his children incurred attending private universities, said that he understood the burden of the student loan crisis but that he did not believe he could eliminate $50,000 on his own without congressional action.

“My point is: I understand the impact of debt, and it can be debilitating,” Biden said. “I am prepared to write off the $10,000 debt but not $50 [thousand], because I don’t think I have the authority to do it.”

Biden faces growing pressure from his own party to take bolder action on student debt and to bypass Congress to do so.”

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Biden hedged by denying that he had the ability to authorize such a write-off and effectively punted the ball to a Congress that has little time for anything other than political persecutions of former President Donald J. Trump.

He also ruffled feathers by specifically singling out graduates of elite Ivy League schools as less deserving of such debt forgiveness, something that isn’t going to go over very well with the professional class that overwhelmingly supports Democrats.

Unsurprisingly, it took little time for Ocasio-Cortez to launch another one of her Twitter tirades against Biden’s stance.

AOC squawked:

“The case against student loan forgiveness is looking shakier by the day.

We’ve got the *Senate Majority Leader* on board to forgive $50k. Biden’s holding back, but many of the arguments against it just don’t hold water on close inspection.

We can and should do it. Keep pushing!”

She had previously vowed to push Biden hard on the cancelation of student loans but now that he is in the White House, there is little inclination to pander to progressives, especially when the big banks have powerful friends in the swamp.

AOC and her cult-like following is both too young and too immersed in Twitter-land to understand the true history of Biden, a career politician from Delaware which is the seat of the predatory financial credit card industry and who has done much to legalize usury.

Dubbed as the “senator from MBNA,” the self-proclaimed champion of the working class was instrumental in not only creating the student loan debt problem but also in rigging the bankruptcy rules for his benefactors.

Thanks for the ride suckers!

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Author: Chris Donaldson

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