World
Biden Forgives $10,000 in Student Loans for Countless Americans
The move will help boost support for his Democratic allies in November's congressional elections.
Washington: Going to keep the promise made during the 2020 presidential election campaign, President Joe Biden said on Wednesday that the United States government will forgive the debt of 10,000 dollars incurred by a large number of former college students.
The move will help boost support for his Democratic allies in November’s congressional elections. But some Republicans in the United States Congress have expressed doubts about the president’s legal authority to cancel the debt, while some economists say it will cause inflation.
Responding to the debt relief announcement, Senate Minority Leader Mitch McConnell said Wednesday that the president is “in the face of every American who saved up for college, every graduate who paid off their debt, who took a job to avoid debt, or who volunteered to join the armed forces.” Biden’s student loan waiver is a slap in the face.
According to the law, the administration has the power to waive the debt, White House Press Secretary Kerin Jean-Pierre told reporters.
It is worth noting that tuition fees in American universities are much higher than in other developed countries. American consumers take on $1.75 trillion in student loan debt to pay for college.
Therefore, without providing financial security to students, other countries will overtake the United States economically, said President Biden.
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