President Joe Biden reportedly intends to wipe out $10,000 of student loan debt for people earning less than $125,000. But doing so won't silence the calls from his leftwing activist base that has been demanding he cancel $50,000 of their debt. It also won't endear him to the majority of Americans who don't have a college degree or student loan debt.
Furthermore, debt cancelation would wipe out the projected savings from the recently-passed Inflation Reduction Act, neutering the Democrats' messaging around one of their few legislative victories.
Cancelation of student debt is regressive, as it is concentrated among high-wealth households. The Progressive Policy Institute and the Brookings Institute have published opposition to the idea, arguing for targeted relief and addressing the root causes of college unaffordability.
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