When Senators Elizabeth Warren and Chuck Schumer call for cancellation of student debt because it might impact the midterm elections, the response from the White House is less than lukewarm. Such would harm the private banks that provide loans to unsuspecting students across the country, which in turn might dry up political contributions for the ever so important 2024 presidential elections. For Joe Biden, the calculus is simple. It centers around Democrats losing student voters in the upcoming midterm elections, or him winning in 2024 because of banking contributions.
Private banks willing to fund Biden in 2024 need to draw profits from students loans. The President understands this dynamic; thus his reluctance to cancel student debt. As for the 45 million student voters, his message is: You are on your own.
Only those politicians who don’t rely on campaign contributions from special interests can afford to speak about cancelling student debt. None would apply to Joe Biden who needs the banks to fund his 2024 re-run. The U.S. President of the United States is reluctant to pick a fight with the hands that feed him, even if that means the Democrats lose the House in the mid-terms elections. And even if that means 45 million students suffer the consequences of lawless capitalism.
For Biden, it’s about losing Congress in 2022 or losing his re-election in 2024. Guess which one he is picking!
At this time, the chances that Biden might cancel student debt is zero to none. Not $50,000 and not even $10,000. He is going to pass the buck to Congress until the students suffering give up.
This clash between buying a politician and earning a vote is coming head-to-head in the student loan program.
REAL CLASH BETWEEN CORRUPTION AND VOTES
The lawless student debt tragedy, now standing at over $1.75 Trillion, is yet the clearest sign demonstrating the clash between dirty and dark money in politics and votes in a democracy. Our country cannot have both even though Joe Biden believes he can thread that needle by playing both sides.
On one side, he is telling the students he cannot forgive debt but will sign any bill Congress passes towards a collective student debt cancellation; but, on the other, he fully supports the filibuster knowing no student debt cancellation legislation can pass the Senate without abolishing it.
One might even call Biden’s charade cute had it not been also so tragic as 45 million students across this country suffer from the lawless capitalism our nation has been experiencing since the Reagan era. And there is no end in sight to runaway greed.
This clash between buying a politician and earning a vote is coming head-to-head in the student loan program. If Schumer and Warren catapult the connection between the two into the consciousness of the voters, it will have an impact on the mid-term elections and possibly on the Presidential elections in 2024. Biden wants to avoid this at all cost, so he passes the buck to Congress knowing fully well it is incapable of successfully passing such a legislation.
It is highly likely both Senators might get a call from Biden to cease and desist. No more talk about student debt cancellation, please.
Hey, Mr. President, we have two questions for you. How com students in Europe have access to free higher education and Americans do not? And what if student voters stay home during the in 2024 elections?
Their muscle memories have an extended warranty as opposed to the memory of an 82-year old man in 2024.