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Jacobin promotes student debt bankruptcy

In an attempt to provide political cover for the Biden administration’s student loan relief debacle, the Democratic Socialists of America’s semi-official magazine Jacobin is presenting bankruptcy as a solution to student debt.

On November 18, it published an article by Julia Rock titled, “Joe Biden Is Finally Moving Toward Allowing Bankruptcy to Eliminate Student Debt.”

With Biden’s very modest plan to allow student borrowers to write off $10,000-$20,000 in government-held loans blocked by Republican-backed court suits, the administration is attempting to sugar-coat its refusal to make a serious effort to provide relief for millions of students burdened by crushing debt by ending its opposition to the discharge of a portion of student debt through the bankruptcy process.

Students are evidently expected to be grateful for the chance, compliments of the Democratic Party, to go into bankruptcy to avoid penury and homelessness.

The vast majority of students will not see it that way. Instead, they will rightly see this inducement to declare bankruptcy as an insult and a provocation. They are well aware that when it comes to bailing out billionaire tax-evaders and speculators, both big business parties spare no expense. Example: the bipartisan CARES Act, passed with record speed when the pandemic torpedoed the stock market in the spring of 2020. That act of charity for the rich funneled trillions of dollars to the banks, corporations and investment houses.

President Joe Biden with Education Secretary Miguel Cardona [AP Photo/Susan Walsh]

This week has seen another example of bipartisan action in Congress effected with blinding speed—despite the near-civil war atmosphere in Washington—to block rail workers from exercising their right to strike and impose a slave’s charter contract backed by the rail companies, overriding the votes of tens of thousands of rail workers who voted against it.

There, the heroes of the DSA and the so-called “progressive” wing of the Democratic Party—including Bernie Sanders and Alexandria Ocasio-Cortez—played the critical role in ensuring passage of the dictatorial anti-strike measure.

Similarly, these pseudo-left representatives of the privileged middle class are rushing to declare the administration’s modest easing of Department of Justice (DoJ) rules in relation to student bankruptcy to be a “victory.”

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