Joe Biden's team is at the point where they're throwing all the things they can against the wall to see what sticks. What sticks is something that could save this failing presidency, they think. But nothing can save them. Salvation is not possible. The best they can hope for is purgatory, which doesn't bode well for the rest of the president's party as the 2022 midterms approach. We're in a recession. Ignore what this White House says regarding their new talking points.
It's a recession, and there's no getting around the facts. The Biden recession is here, with all economic indicators pointing to more pain in the months ahead. Inflation is sky high. A shocking number of Americans—62 percent—are now living paycheck-to-paycheck. Credit card debt has exploded. People are struggling, but this administration's response is to scream January 6, say this is the best economy ever, and mock those without electric cars.
To lessen the blow, Biden appears ready to reach out to the bloc of voters who also can't stand him: young people. Reports are that he's prepared to forgive some $10,000 of student debt and a grace period of future periods before the elections. Is this the administration's Ardennes offensive before the 2022 midterms?
It reeks of a last political gamble before the inevitable destruction at the polls (via Bloomberg):
President Joe Biden is considering extending a pause on student loan repayments for several more months, as well as forgiving $10,000 in student loan debt per borrower, according to people familiar with the matter, as he seeks to appeal to young voters ahead of the November midterms.
The current moratorium on student loan payments expires Aug. 31, and a fresh pause could extend either through the end of 2022 or until next summer, the people said. Biden told reporters last week that he hoped to decide on an extension by the end of August.
Debt forgiveness may follow the extension, but the president hasn’t reached a final decision on either move, the people said. Biden has been weighing appeals from progressives to forgive large amounts of student loan debt almost since entering office, and the extended deliberations have frustrated some advocates.
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And as you already know, progressives don't like it. They want $50,000, and Biden has been dragging his feet concerning the legal aspects of this unitary push. Biden's team says the president doesn't feel he can legally forgive that much debt without congressional action.
Canceling student loan debt:
— Elizabeth Warren (@SenWarren) July 23, 2022
Would help close the racial wealth gap among borrowers, change the lives of workers across the country, and create a brighter future for millions of Americans.
@POTUS, it’s time to get this done.
.@POTUS can cancel every dime of your student debt with a simple signature.
— Nina Turner (@ninaturner) July 27, 2022
It's a tad insulting. Young voters would rather have an economy that doesn't suck, but free stuff does sell. The problem is this isn't enough free stuff, and young people are noticing Biden's fried mental facilities. Everyone has. Biden also has to know this doesn't play well with most Americans who don't have higher education degrees. The working class is on the hook to bail out the woke, whiny college kids who spew vitriol and hatred at them daily. If this goes through, for every college kid who gets $10,000 of debt forgiven, Biden and the Democrats lose three more working- and middle-class voters.
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