The Spark

the Voice of
The Communist League of Revolutionary Workers–Internationalist

“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx

Biden’s “Student Loan Forgiveness” Is on Hold

Nov 21, 2022

The Biden Administration has stopped accepting applications for its student loan forgiveness program. The reason? Federal judges in Texas and Missouri have put the program on hold, responding to lawsuits from Republican politicians who claim that the small part of the national student loan debt that Biden promised to write off would burden state governments too much.

Yes, that’s hypocritical of Republicans, who themselves never miss an opportunity to hand out taxpayer money to private interests. But in the end, this “loan forgiveness” business is just another political blame game that Republicans and Democrats are playing, while conditions continue to deteriorate for the working class every single day.

The amount that Biden said he would forgive—$10,000 for most debt holders and $20,000 for some—is a small part of the student loan debt in this country, which averages $37,000 per debt holder. But still, the situation of the working class is so dire that, within weeks, 26 million people had already applied for the program before it was stopped.

Now Biden and the Democrats are telling these millions of working-class Americans in need to wait for this modest relief, until the Supreme Court—yes, THAT Supreme Court that has not ruled in favor of working people in recent memory—rules on it!

Compare it with the proxy war the U.S. is waging against Russia in Ukraine. The Biden Administration and the Democrats DID NOT tell military contractors to wait before shoveling them more than 50 BILLION dollars for that war—and that was just in the first three months of a war that’s now in its 11th month!

Wait for Democrats or Republicans to help out working people? Might as well wait for pigs to fly!