All hell broke loose when Nancy Pelosi turned on the Democrat base.
No one saw this betrayal coming.
And you won’t believe who forced Nancy Pelosi to tank one of Joe Biden’s big priorities.
Chuck Schumer and Elizabeth Warren pushed Joe Biden to cancel $50,000 of student debt for every debt holder via executive order.
Biden declared he would study the matter but would only commit to $10,000 of student debt elimination.
But those plans came to a screeching halt thanks to Nancy Pelosi of all people.
The San Francisco liberal – who never met a dime of taxpayer money she didn’t want to use as welfare payments to bribe voters to support Democrats put the kibosh on Biden issuing an executive order wiping out student debt.
“The president can’t do it — so that’s not even a discussion,” Pelosi stated.
Pelosi’s argument against eliminating student loan det sounded right out of Ronald Reagan’s small government conservatism when Pelosi argued it wasn’t to fair to Americans that didn’t attend college to bail out college educated voters.
“Suppose … your child just decided they, at this time, [do] not want to go to college, but you’re paying taxes to forgive somebody else’s obligations. You may not be happy about that.”
Democrats could not figure out why Pelosi would sell out a core constituency – college educated voters picked Joe Biden by a 55-43 margin according to the 2020 exit polls – for no apparent reason.
The Intercept reported that billionaire real estate dynasty heirs Steven and Mary Swig convinced Pelosi to oppose student loan debt elimination.
Steven and Mary Swig are Democrat big money donors and Steven Swig served as the treasurer of Pelosi’s campaign fundraising team.
After the election the Swigs passed a memo around the highest levels of the Democrat Party arguing against student loan debt cancellation.
The Intercept reports:
The memo, which was designated for “INTERESTED PARTIES” and wasn’t disseminated to the general public, asserts that student debt cancellation via executive order is unlawful. “No, the President Cannot Cancel Student Loan Debt with a Pen Stroke,” a boldface title reads. The memo continues: “Recently, there has been heightened fervor around Senators Warren and Schumer’s proposal that President-elect Joe Biden could cancel student debt ‘with the pen as opposed to legislation.’ Unfortunately, that cannot happen. Attorneys on Capitol Hill say that the Executive Branch does not have congressional authority to cancel student debt.”
Wiping out student loan debt is wildly unpopular.
While 43 million Americans hold student loan debt, the vast majority of Americans did not go to college.
58 percent of Americans do not have a college degree.
Pelosi and the corporate aligned donors understand that even though the Democrat coalition increasingly depends on college educated voters, a bailout of student loan debt threatens to sever whatever bond exists between the Democrats and working class Americans and could push key voting blocs – like noncollege educated Hispanic voters – further into the arms of the GOP.
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