WASHINGTON, DC – In a move that brings the United States one step closer to Socialism, on Wednesday, Joe Biden signed off on implementing partial student loan forgiveness.

According to multiple reports, the cancellation will be up to $10,000 for most borrowers, unless they’re recipients of Pell Grants, which are for people who have extreme financial hardship but still want to go to college. Those borrowers will have up to $20,,000 forgiveness.

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Apparently, the forgiveness will apply to those who are earning $125,000 or less per year, or $250,000 or less per year for married people who file taxes jointly.

This debt forgiveness will apply, reportedly, to about 43 million borrowers, with 20 million who could see their debt completely vanish. According to the White House, 90% of those taking advantage of the debt forgiveness earn less than $75000 per year.

Even former Democratic treasury secretary Larry Summers advised the White House against such a move, saying that it will “increase inflation and add to the federal deficit.” Even so, Biden said, “In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023.”

While the plan hasn’t been officially announced by the White House, sources have “leaked” the information to the media. The Washington Post said on Wednesday, “The people spoke on the condition of anonymity to reflect private White House conversations and cautioned the details could change. President Biden is returning to Washington for the announcement today.”

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In addition to the federal student load forgiveness, it’s also expected that Biden will announce an extension of the federal student loan pause (which was first brought about by the Trump administration at the height of the Covid pandemic) until December 31, “or beyond the midterm elections.”

Of course one of the things Biden campaigned on for presidency was total forgiveness of student loans debt, which has caused activist politicians like Alexandria Ocasio-Cortez to advocate hard for this to happen. She said, “We give 17-year-olds the ability to sign up for $100k worth of debt and we think that’s responsible policy…This is unacceptable.”

AOC does, however, say that a 17-year-old is able to make their own decision to get an abortion or change their gender. Twitter user Lori Letner is one of many speaking out about the situation. She said, “AOC makes $170 k a year, drives a Tesla, and is demanding to cancel her $17 k in student loan debt. So please, spare me with this crap.”

Journalist Stu Bykofsky wrote, “The debt, estimated at #1.75 trillion, does not ‘disappear.’ If the students don’t pay off their loans, someone else will. That ‘someone else’ are taxpayers, the majority of whom did not attend college. Plus the large number who took out student loans and paid them back —  and will have to pay them again. Ain’t equity fun?”

Republicans argue that the forgiveness is unfair to those who did not go to college but still struggle under inflation, while leftists say that the forgiveness doesn’t go far enough and should forgive all student debt for everyone no matter their financial situation.

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