Biden Is Canceling $10,000 of Student Loan Debt for Some Borrowers. That’s Not Good Enough.
President Biden has announced the cancellation of $10,000 of student debt for borrowers with incomes below $125,000. Even as a matter of naked political calculation, it would be better for him to just cancel it all.

President Joe Biden at the White House on August 16, 2022 in Washington, DC. (Drew Angerer / Getty Images)
President Joe Biden has announced that he’s finally decided to carry out one of his long-dormant campaign promises from the fall of 2020. He’ll wipe out $10,000 of student debt for borrowers with incomes below $125,000.
That’s a good start. But it’s not even close to good enough.
Biden Drags His Feet
It says everything about what kind of president he’s been that the past week wasn’t even the first time reports had circulated that Biden was about to make the decision. This is the president who accepted the nonbinding opinion of the Senate parliamentarian as the last word on any attempt to use the budget reconciliation process to carry out his campaign promise to raise the minimum wage to $15 an hour. He’s the president whose former press secretary claimed four months ago that the only update she could give on his campaign promise to release nonviolent marijuana offenders serving federal time was that, a year and change into his presidency, Joe Biden was still “reviewing” his pardoning powers. Of course we ended up doing a ridiculous “will he or won’t he” dance about whether he would take the executive action on student loans that he could have taken on his first day in office.