Nate Silver Breaks Down the Very ‘Transactional’ Electoral Politics of Biden’s Student Debt Forgiveness

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FiveThirtyEight’s Nate Silver broke down the electoral politics of President Joe Biden’s announcement on Wednesday that the federal government would forgive certain amounts of student debt for anyone making under $125,000.

Silver, a prominent pollster, noted, “The thing about student loan debt relief is that, while other policies would be more economically progressive, it fairly efficiently redistributes well-being toward people in the Democratic coalition.”

“Youngish, middle-class-ish college/grad school attendees = a *very* D group,” he added, offering an explanation of the political upside of the move.

“So it’s a very ‘transactional’ piece of public policy, directly serving the interests of the people who elected you. That’s extremely common, though, in the same way that, say, the Trump tax cuts were,” Silver added.

So it’s a very “transactional” piece of public policy, directly serving the interests of the people who elected you. That’s extremely common, though, in the same way that, say, the Trump tax cuts were.

— Nate Silver (@NateSilver538) August 24, 2022

Biden spoke about the debt forgiveness during a White House address on Wednesday and noted the move was the fulfillment of a campaign pledge, although some on the left argued Biden should have wiped away more debt.

Moderate GOP Sen. Mitt Romney (R-UT) offered what appeared to be the Republican sentiment in a message on Twitter.

Romney wrote, “Sad to see what’s being done to bribe the voters. Biden’s student loan forgiveness plan may win Democrats some votes, but it fuels inflation, foots taxpayers with other people’s financial obligations, is unfair to those who paid their own way & creates irresponsible expectations.”

Sad to see what’s being done to bribe the voters. Biden’s student loan forgiveness plan may win Democrats some votes, but it fuels inflation, foots taxpayers with other people’s financial obligations, is unfair to those who paid their own way & creates irresponsible expectations.

— Senator Mitt Romney (@SenatorRomney) August 24, 2022