A reporter asked President Joe Biden if he thinks the student loan debt cancelation he announced Wednesday was fair to those who have repaid their student debts and to those who paid for college without taking out loans, to which the president had an eyebrow-raising response. “Is it fair to people who, in fact, do not own multibillion-dollar businesses to see one of these guys getting all the tax breaks?” Biden replied. “Is that fair? What do you think?” In other words, Biden is saying that because billionaires who help stimulate the economy with massive financial investments get special tax breaks whereas average Americans don’t, so too people who… well, the logic doesn’t add up. Or perhaps he meant that because it’s unfair that billionaires get certain tax breaks, the unfairness of canceling the debt of people who didn’t repay it just evens it out? Two unfairnesses make a fairness, perhaps. Who knows. Either way, under President Biden’s plan, up to $20,000 in government-held student debt will be canceled for individuals making up to $125,000 a year, and under $250,000 for married couples. As a presidential candidate, Biden promised to cancel at least $10,000 in student loan debt per borrower, but kicked the can down the road until now because it could cause inflation to rise, among other concerns. However, with Democrats’ backs up against the wall with the midterms coming up, Biden used debt cancelation as a last-ditch effort to maximize his party’s chances of retaining control of the House and/or Senate. (YWN World Headquarters – NYC)

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