Some Democrats are turning against Biden following his announcement to cancel some student debt.
Democrats, particularly those in tight re-election races, are distancing themselves from the President, The Wall Street Journal reports.
Biden recently announced his plan to cancel $10,000 of student debt for those making under $125,000 a year.
The plan is a little more complicated than that, allowing the cancelation for households making less than $250,000 and upping the number to $20,000 in cancelation for Pell Grant recipients.
And as always, the devil is in the details, with massive changes being made to the income based repayment plans. Which essentially incentivizes more student debt.
The Journal reports that it will expand the deficit by hundreds of billions if the plan survives legal challenges.
Democrats are cheering the plan with hopes it will crate more Democrat voters, but some Democrats are noticing that could not be the case.
Senator Catherine Cortez Masto (D-Nev) is criticizing the action because it doesn’t address what is making college unaffordable in the first place.
Senator Michael Bennett (D-Colo) said the plan should have been paid for with revenue.
Representative Tim Ryan of Ohio who is in a competitive senate race. with Republican challenger JD Vance, told The WSJ, “waiving debt for those already on a trajectory to financial security sends the wrong message to the millions of Ohioans without a degree working just as hard to make ends meet.”
Representative Chris Pappas, who is in a tight re-election race in New Hampshire called the announcement policy making that side-steps Congress.
A CNBC poll showed that 59% of Americans were fearful the forgiveness would make inflation worse.
Something a top Obama economist and bi-partisan think tanks agreed upon.
The move appears to be a Hail Mary to help Democrats in November, but as one Democrat House member said it doesn’t solve the issue of cost and it is a failed policy from the start.
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