The Pak Banker

The case for no candidate like Biden ever again

- Donald Earl Collins

The past three years of United States President Joe Biden’s administra­tion have been perceived as an amazing success and dismal failure, depending on who you ask. Some see the successful rollout of COVID-19 vaccines, the economic recovery dubbed Bidenomics and the restoratio­n of credibilit­y to the executive branch as major accomplish­ments.

Others point to official rhetoric that downplays the devastatin­g impact of COVID-19 subvariant­s and the end of pandemic mitigation measures and economic relief efforts, such as child allowances that helped reduce child poverty, as examples of the administra­tion’s failure to confront immediate and long-term social and economic issues. Worse still, Biden’s declaratio­n of unconditio­nal support for Israel and his defence of its genocide along with the resurgence of naked white supremacy reflect the dominating atmosphere of Trumpism during his presidency.

In their decisions, Biden and his administra­tion appear to be not all that dissimilar to their neoliberal and far-right predecesso­rs spanning the past half-century from Richard Nixon to Ronald Reagan and Donald Trump.

No wonder many Americans lack enthusiasm for supporting a second Biden term. I am certainly among them. I will vote for Biden come November 5, but my vote will be with the sincere hope I will never have to cast another ballot for a politician who more than most has shaped the disastrous direction the federal government has taken over the past half-century.

As a registered Democrat since turning 18 in the late 1980s, I should be an avid supporter of the Democratic Party, Biden and his vice president, Kamala Harris.

Thanks to them, all of my remaining student loan debt, which I began accumulati­ng in 1987 as a college freshman and had been paying off since laying hands on my PhD diploma in 1997, no longer exists. In August, I was one of 804,000 borrowers, whose student debt was erased as part of a student loan forgivenes­s initiative by the

Department of Education. Debt worth tens of thousands of dollars – all compound interest on my original principal of $41,300 – was gone. As of December, the Biden administra­tion has forgiven $132bn in loans for 3.6 million borrowers.

Admittedly, I was ecstatic. At first. Then I experience­d a few days of sighs of relief, an occasional tear and, later, a bit of anger. It was debt I had struggled to repay for decades and couldn’t discharge in a bankruptcy as a result of legislatio­n that Biden, as a senator, had spent years lobbying for on behalf of banks and credit companies.

When passed in 2005, the Bankruptcy

Abuse Prevention and Consumer Protection Act closed the bankruptcy option for student loan borrowers.

It was debt I had accumulate­d while completing my three degrees because financial support through federal grants was limited. That was due to amendments to the Higher Education Act that Biden had also supported and that expanded student loans as the primary method to pay for tuition for first-generation students from families living in poverty. While in college, I received the Pell Grant, a federal government subsidy for low-income students, which at that time was about $2,200 per year. It covered only about 17 percent of my total college expenses at the University of Pittsburgh and only about 29 percent of my out-of-state tuition.

Even with me working all through my undergradu­ate years including a year where I averaged 30 hours a week as a work-study student I still had to take out $16,000 in student loans. That was just for my bachelor’s degree.

Today’s Pell Grants cover less than 30 percent of college expenses at public higher education institutio­ns, leading to more borrowing and more risks and limitation­s for low-income students once they earn their degrees. As of last fall, more than 43 million borrowers owed more than $1.75 trillion on student loans.

Biden’s sponsorshi­p of student loan programmes, his support for the slow rise of Pell Grant allotments lagging behind tuition increases and his standing against student loan borrowers seeking relief through bankruptcy have been part of efforts to defund need-based aid over four decades.

That the president is now trying to undo some of the damage to the lives of tens of millions of Americans in no way makes up for his role in creating this crisis in the first place. Nor should it mean that any borrower who has benefitted should automatica­lly grant him their vote. I think about what could have and should have been. Every decision I made in my education had to factor in how much more I would need to borrow to complete my degree. Every decision I came to had to account for this question: Can I afford to pay off these loans?

Decisions like whether I should continue to major in a practical field like computer science or switch to history, a subject I enjoyed and had an affinity for. Or whether I should take time off from school to work and figure out what I really wanted to do as a writer or just pass go and earn my master’s degree and doctorate while still in my mid-20s.

Or what jobs should I say yes or no to, especially with the conundrum of finding ethical work in social justice or in education versus work merely to pay my student loans and bills, eventual car notes and maybe a mortgage. Or whether I should stay in Pittsburgh with its low and stagnant wages but also low cost of living or move to the Washington, DC, area, one of the most expensive places to live in the US but with higher earning potential.

“As of last fall, more than 43 million borrowers owed more than $1.75 trillion on student loans. Biden’s sponsorshi­p of student loan programmes, his support for the slow rise of Pell Grant allotments lagging behind tuition increases and his standing against student loan borrowers seeking relief through bankruptcy have been part of efforts to defund need-based aid over four decades. That the president is now trying to undo some of the damage to the lives of tens of millions of Americans in no way makes up for his role in creating this crisis in the first place.”

Newspapers in English

Newspapers from Pakistan