'This guy is mad': Internet mocks Joe Biden for announcing $5.8B student loan cancellation for public sector workers

WASHINGTON, DC: President Joe Biden faced quite a pushback after he announced on Thursday, March 21, the cancellation of $5.8 billion in student loans for approximately 78,000 borrowers employed in the public sector.

The latest initiative brings the total student debt write-offs by the Biden administration to a staggering $143.6 billion. The beneficiaries of this debt relief program include public service employees such as teachers, nurses, firefighters, and those working in nonprofit organizations.

Expanding Access to Public Service Loan Forgiveness

The Public Service Loan Forgiveness Program (PSLF), established in 2007 under President George W Bush, serves as the mechanism for forgiving student debt for individuals who pursue careers in public service.

However, administrative challenges and bureaucratic hurdles have often prevented eligible borrowers from accessing this relief.

Responding to criticisms from Republicans, who argue that such debt cancellation plans shift the financial burden to taxpayers, President Biden stressed the importance of supporting public servants who have dedicated their careers to serving their communities.

“These public service workers have dedicated their careers to serving their communities, but because of past administrative failures, never got the relief they were entitled to under the law," Biden said in a statement.

"Because of the fixes my administration has made, we have now canceled student debt for over 870,000 public service workers – compared to only about 7,000 public service borrowers ever receiving forgiveness prior to my administration," he added. “And through all of our various student debt relief actions, nearly four million Americans have had their student debt canceled under my administration.”

The announcement comes against the backdrop of escalating national debt, which surpassed $34.5 trillion, prompting concerns about the fiscal implications of such large-scale debt relief programs.

However, supporters argue that addressing the student debt crisis is essential for promoting economic growth and social mobility.

With approximately 43.4 million US student loan recipients holding a combined debt of $1.63 trillion as of June 2023, the magnitude of the student debt crisis has continued to escalate, particularly in the wake of the 2008 financial crisis.

Biden's administration has faced challenges in implementing broader student debt cancellation plans, as evidenced by the Supreme Court's rejection of a $430 billion debt forgiveness proposal deemed unconstitutional.

Subsequently, the administration has adopted a more targeted approach, focusing on initiatives such as the SAVE plan. The SAVE plan, characterized as a "student loan safety net," offers lenient repayment terms, including reduced monthly payments and eventual debt cancellation, WTHR reported.

Social Media Reactions

However, Biden faced a major backlash on social media, with many voicing their skepticism about the feasibility and fairness of widespread debt cancellation.

"This guy is mad," one posted on X.

"Yeah it’s election time !!!!! Time to feed the sheep!" another wrote.

"Socialism to the core. How about forgiving my home mortgage? I took the loan on knowing I’d have to pay back. What’s the difference?" someone else commented.

"Who do they think is paying for all of this free money?" another wondered.

 

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.