- US President Joe Biden addressed new steps for the student loan debt, which would forgive up to $20,000 for millions of borrowers.
- Many US citizens were disappointed with the President’s decision.
- Also, many crypto supporters jocked Biden’s decision through funny gifs, videos, and memes.
On Wednesday, US President Joe Biden addressed new steps for the student loan debt, which would forgive up to $20,000 for millions of borrowers and extend the payment freeze one final time.
While borrowers are thankful for this decision, many US citizens are already disappointed over the President’s decision, as President Biden achieves one of his campaign promises to issue major reforms to America’s student loan system.
The US President claims:
Today’s action of getting student loan debt relief to borrowers is about the opportunity. It’s about giving people a fair shot. It’s about making sure folks have the breathing room they need to buy a house, open a business, start a family, and save for their future.
According to the Committee for a Responsible Federal Budget, there is $1.6 trillion of outstanding federal student loan debt. The amount of outstanding debt would return to that same level in just four years after $10,000 per borrower was canceled.
Moreover, the committee said that the cancellation of $10,000 debt for each borrower would increase inflation and won’t reduce the racial wealth gap, which deviates from the stated goal of the Democrat’s Inflation Reduction Act.
Some crypto investors and supporters claim that the President should have given cryptocurrency, which would have been much more beneficial to the borrowers. While other crypto supporters like Greg, a crypto comic relief, made harmless jokes at the US President.
Mr president do you plan on forgiving other loans like my crypto loans?
— greg (@greg16676935420) August 24, 2022
Also, Greg jokingly asked if anyone knew where one could get a quick student loan for $10,000. Along with Greg, many of his followers and supporters of crypto took the opportunity to make fun of the President’s decision through funny gifs, videos, and memes.
While some crypto investors believe that cryptocurrency could be the answer to student loan debt, US President signed an executive order in March to examine the risks and benefits of cryptocurrency.
In addition, lawmakers and the Biden administration are developing a digital dollar to maintain the dollar’s supremacy.