Only the Privileged Benefit from Joe Biden’s Student Loan Bailouts while Every Other Taxpayer Bears the Costs

President Biden is offering relief to college graduates by forgiving billions in student loan debt, with the burden falling on the rest of the population.

Despite the Supreme Court’s rejection of his initial plan, Biden recently announced an additional $1.2 billion in student loan forgiveness, totaling $138 billion in canceled debt.

The administration revealed that nearly 153,000 individuals, only 0.04% of Americans, benefited from this latest move, with 8,190 New Yorkers, or 0.09% of the state’s population, having $63 million forgiven.

Have so few ever benefited so substantially from a single governmental giveaway?

Following the Supreme Court’s ruling last June that canceling $430 billion at once was unconstitutional, Biden has managed to provide piecemeal relief through various methods.

He argues that his debt forgiveness plans are “simple and fair” and provide “relief for working-class and middle-class Americans.”

The working class, who typically earn about $1.5 million less over their lifetimes compared to college graduates, are the main ones footing the bill for Biden’s program.

This poses an issue of fairness for both college graduates who paid off their loans and those who did not accumulate debt by attending a more affordable school or saving diligently.

This approach also takes pressure off universities that have charged exorbitant fees for degrees with uncertain financial returns, potentially encouraging the higher education industry to continue raising costs, telling students, “You won’t actually have to repay this.”

This move appears to be purely a tactic to secure votes, especially as Biden is experiencing decreased support from various demographics, including under-35 voters, compared to when he took office.

In a tight election, Biden faces challenges if these voters do not turn out, as seen in recent polls.

This so-called “relief” primarily benefits privileged college graduates with high earning potential and Democratic candidates.

The President aims to portray himself as an ally to college students but, by extension, implies he is against everyone else.