Capitalist rule dictates that millions of Americans live in debt peonage. It was inevitable that Biden’s student loan debt relief would be a farcical half measure.
The Biden administration announcement of so-called student loan debt relief does little to alleviate the problem it claims to solve. Forgiving $20,000 for Pell grant holders and $10,000 for all who earn less than $125,000 is questionable for a variety of reasons. It is a midterm election bait and switch that pleases gullible democrats, helps only a minority of borrowers, and is nothing like what candidate Biden proposed during the 2020 campaign.
Americans owe $1.7 trillion in student loan debt. This crisis did not occur by happenstance. Universities did not escape the neoliberal onslaught and are fund raising machines charging astronomical amounts of money for tuition and room and board. Decades of austerity have slashed spending for public institutions. Once so inexpensive that they were practically free, they now offer little respite from crushing debt. There is no way for working people to secure the higher education they’re told they need without ruining themselves financially, and in so doing defeating the purpose of attending college.
Of course college should be free and student loan debt should be forgiven. The issue is of great importance to Black people, who are usually unable to pay very little if any tuition and incur debt from the first day of school. White people are more likely to have…
