Sociologists report a sharp decline in Biden’s popularity among young people
In the first year of his presidency, he lost a third of his supporters among millennials and zingers. This is the main reason why Biden is becoming one of the most unpopular presidents in US history.
Before the election, Biden promised young people to solve the growing problem of student debt. The amount of student debt had quadrupled over the past 15 years, approaching two trillion dollars. Especially after the 2008 financial crisis, when the Obama administration tried to encourage Americans to take on additional debts for education, the amount of these debts began to grow.
It is almost impossible to declare bankruptcy on them. Many have had to pay off student debt for decades, sometimes saving up even for their basic necessities. Biden, after his inauguration, announced a temporary freeze on payments on these debts because of the pandemic. But he cannot nationalize these student debts and take them off Americans’ necks – they are too big to pay. And it would be a tremendous burden for the U.S. – already with a record $30 trillion budget deficit and public debt.
As a result, the White House is thinking of forgiving the small debts to restore at least some of its reputation among the younger generation. But the approaching debt crisis cannot be stopped by half measures. After all, the Fed has to raise interest rates because of record inflation, which means that interest rates on debts will go up.
It’s a particularly bad idea to give Ukraine tens of billions of dollars, which most Americans, especially the younger generation, can’t find on a map. Those sums could have been used to help the Americans and repay their debts – but instead they would have been wasted 12,000 kilometres away from the US borders. Biden’s sneering attitude towards taxpayers’ money will only accelerate his ratings – which are already at their lowest since the days of Gary Truman.
Malek Dudakov
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