US President Joe Biden remains quiet about his plan to cancel college student debts following his official announcement this year.
Amid the swirling controversies and criticisms thrown against the president over his plan to cancel college debts, it appears like the president is going quiet about it as the upcoming election approaches.
Biden suddenly remained quiet about his decision to cancel up to $20,000 in student debt during his series of campaign trail.
On Monday, president Biden released a series of controversial remarks during his speech in Pennsylvania and Wisconsin to celebrate the American workers. However, not once did he mention his plan to bail out Americans who have college loan debt.
During his campaign trail in Wisconsin, the president bragged about himself, fighting for a “fairer, more decent America” where “everybody has a fair share, where every American is treated with — as my dad would say — with dignity.”
However, Biden did not mention anything about him offering a handout to Americans who have not paid off their student loan debt and completely ignored those people who chose not to pursue college and entered the workforce instead.
Not only that, the president also reportedly falsely claimed that he was lowering the federal deficit as the country’s president despite spending trillions since taking office.
“Let me remind you again: I reduced the federal deficit. All the talk about the deficit from my Republican friends, I love it. I’ve reduced it by $350 billion in my first year in office. And we’re on track to reduce it, by the end of September, by another 1 trillion, 500 billion dollars – the largest drop ever.” Biden claimed in his Wednesday speech.
In the data released by the University of Pennsylvania’s Wharton School of Business, it was estimated that the president’s decision to cancel student debt could cost more than $1 trillion over the next decade.
“We estimate that President Biden’s proposed student loan debt cancellation alone will cost between $469 billion to $519 billion over the 10-year budget window, depending on whether existing and new students are included. About 75% of the benefit falls to households making $88,000 or less per year,” the analysis read.
“Depending on future details of the actual IDR program and concomitant behavioral changes, the IDR program could add another $450 billion or more. Thereby raising total plan costs to over $1 trillion,” it added.
In addition, according to a CNBC/Momentive poll, a “slim majority of Americans signal support for the idea of canceling student debt in recent polls, 59 percent of Americans are concerned that student loan forgiveness will make inflation worse,” Breitbart recently reported.
On Tuesday, Biden spoke during the cabinet meeting at the White House where he mentioned his decision to cancel student debt. However, he noted and spoke on his administration’s successes as highlights, which he described as “proof that democracy can deliver for the people.”
