FAST FIVE: 86% Of Recent Student Loan Borrowers Banked On Biden Bailout

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And a big majority think he'll do more than that.  The survey results come as Biden is reportedly considering $10,000 cancellations for federal college borrowers earning under $150,000 a year.

At the same time, Biden faces a decision over whether to allow student debt repayments to resume after several pandemic-era pauses, but at a time when surging inflation gives postponement advocates more ammo.  Absent signing off on his fifth extension, borrowers would resume payments after August 31-as midterms approach and Democrats stare down the barrel of a major nationwide setback.   It remains to be seen whether Biden will use debt cancellation as a spoonful of sugar to help the payment-resumption medicine go down, or if he'll pair cancellation with yet another payback postponement as a self-serving election gimmick.

The college-focused website intelligent.com surveyed 1,000 people who'd taken on student debt since the 2020 election.

A whopping 86% claim Biden's campaign promise affected their decision to take on debt.  Of those who are still enrolled, 30% say they're either unlikely or very unlikely to continue going to college unless Biden takes a chunk of debt off their backs and redistributes it across everyone else's.  For this crowd of debtors, Biden's $10,000 pledge doesn't seem relevant, as a whopping 71% are either confident or very confident that Biden will forgive most or all of student debt. Cancelling it all would represent a nearly $1.7 trillion giveaway.  If Biden doesn't forgive any debt, 31% of the Democratic survey participants say they're either unlikely or highly unlikely to vote for him in 2024.  It reminds us of a sentiment that that's been expressed in many ways and dubiously attributed to various historical figures.

Its accuracy, however, is unquestionable:  “When the people find they can vote themselves largesse from the treasury, it will herald the end of the republic.”   Tyler Durden Sat, 07/02/2022 – 18:00.

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