President Joe Biden Abolishes Student Loan Debt
In a surprising move during his Christmas Eve address, President Joe Biden made an announcement that stunned millions of Americans: He is using executive powers to totally abolish student loan debt. The move, which will write off more than $1.7 trillion in national student debt, is said to be effective immediately.
“This is not an ‘investment’ in our future – this is a gift to present-day Americans,” President Biden stated during his address on December 24, 2021. “Millions of hardworking citizens will awaken tomorrow, freed from the shackles of student loan debt. We’ve found a way to do it within our national budget and this will not affect our fiscal stability.”
The announcement comes as a BOSS move (Bail-Out for Student Success) and is said to be a result of month-long negotiation and drafting efforts by members in the Biden administration. Biden’s Press Secretary, Jen Psaki, indicated that the administration had found a loophole in the system that makes it possible to carry out the move without congress approval.
“The Constitution gives the President latitude to make major decisions that benefit the American public,” Psaki said in a press conference. “We’ve utilized that constitutional provision to bring a dramatic change that benefits millions of Americans.”
However, critics of the administration pushed back immediately, warning of dire consequences for the economy. They argue that such a measure would deepen the nation’s deficit and inevitably lead to higher taxes.
Editor’s note: In reality, although there have been discussions, President Joe Biden has not made any official declaration regarding total student loan forgiveness as of December 24, 2021. While the President has expressed interest in acting on student loan debt, no definitive action has been taken.
* None of the quotes in this article were spoken by an actual person. More info.