National Review on Biden’s student loan debt cancellation: ‘Wanton political suicide’

In a new piece for the National Review, Charles C. W. Cooke argues that if President Joe Biden proceeds with the plan of canceling a large portion of federal student loan debt, he will be committing “an act of wanton political suicide.” 

Cooke writes, “Joe Biden is about to desecrate his oath of office in order to engage in an act of wanton political suicide that, in addition to making a mockery of his vow to uphold the law, will pit American against American, increase partisan resentments, further damage our already debilitated lawmaking process, and haunt the reputation and fortune of the arthritic Democratic Party for many years to come.”

Cooke further states that, if Biden proceeds, “he will deserve” every single one of these consequences.

Background

Cooke, with his piece, was responding to a recent report from the Washington Post. 

The outlet reported on Friday:

White House officials are currently planning to cancel $10,000 in student debt per borrower, after months of internal deliberations over how to structure loan forgiveness for tens of millions of Americans, three people with knowledge of the matter said.

The Post goes on to report some of the specifics of Biden’s student debt cancellation plan.

The Post reports:

The White House’s latest plans called for limiting debt forgiveness to Americans who earned less than $150,000 in the previous year, or less than $300,000 for married couples filing jointly, two of the people said.

The outlet adds, “it was unclear whether the administration will simultaneously require interest and payments to resume at the end of August, when the current pause is scheduled to lapse.”

Will it happen?

The Post seems fairly certain that Biden will move forward with this plan. When, though, is another question altogether.

CNN reports:

Top White House aides have drafted the order for canceling some student loan debt, but they’re still waiting for President Joe Biden to make up his mind on whether to go forward with it.

CNN goes on to reveal what is really holding Biden back, namely the economic crisis for which he has been getting hammered in the polls. The outlet writes:

In recent weeks, though, people involved tell CNN that nearly every internal conversation about what to do has eventually turned to asking if canceling the debt will feed inflation just at the moment when Democrats are hoping the rates will start to tick down ahead of the midterms. After spending much of 2021 worried that they weren’t going big enough in the face of the crisis, the economic situation – including the threat of tipping into a recession by next year – has Biden and his inner circle nervous about going any bigger at all.

We’ll have to see what Biden decides. If Cooke is right, it would be in Biden’s best interest to bury this idea as deep as he can.

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