Saturday, September 03, 2022

The Warm Salty Golden Shower Of Biden's Student Loan Forgiveness...,

BAR  |  Senator Joe Biden played a role in creating these terrible conditions. In 2005 he and 17 other democrats joined republicans in voting for the Bankruptcy Act, which made it all but impossible to discharge student loan debt in bankruptcy. The Delaware senator was beholden to the consumer credit industry, like all of that state’s elected officials. They were the drivers in ensuring that filing for bankruptcy for any reason would become very difficult and they were always among Biden’s biggest campaign contributors.

Of course Biden knows what people need and want. During his campaign he said , “I propose to forgive all undergraduate tuition-related federal student debt from two- and four-year public colleges and universities for debt-holders earning up to $125,000.” At other times he included Historically Black Colleges and Universities (HBCUs) in this debt forgiveness plan.

It is easy to point out the discrepancy between what he promised and what he now proposes, but the problem is bigger than the laundry list of Biden campaign lies. There is great confusion among Black people about student loan debt relief, what it will really accomplish, and what is actually needed.

Biden promised well heeled democratic fundraisers that “nothing would fundamentally change.” Forgiving student loans or any of the other forms of debt peonage is the last thing that the U.S. oligarchy wants to see. The increasingly predatory capitalist system demands that Biden does little more than give lip service instead of meeting the people’s needs. That is why the oddly named Inflation Reduction Act will negotiate Medicare drug prices but not until 2026 and then only for ten drugs. Even if Biden cared he wouldn’t be allowed to do anything more for senior citizens, student loan debtors or anyone else.

Of course the Black political class can be counted on to aid in the subterfuges that are used to keep the people quiet. Congresswoman Ayanna Pressley falsely proclaimed , “President Joe Biden just canceled student debt.” Her assigned role at this juncture is to get Black voters to the polls in November and she can’t do that without lying about Biden. Getting voter buy-in for neo-liberal policies is Pressley’s problem. No one else has to go along with the inevitable falsehoods that come with the territory of holding elective office.

She and others may call themselves “progressives” but in the end they are no better than Senator Biden when he worsened the student debt crisis. They are all little more than errand boys and girls for the kleptocrats and all of them are compromised.

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