Biden's proposal to cancel half a trillion dollars of student loan debt owed to Uncle Sam succeeded in helping secure the Democratic control of the Senate in the midterm elections, when college-educated voters decisively turned out to support the president's party.
Even against a candidate as weak as former President Donald Trump, the front-runner for the Republican presidential nomination, Biden risks a very real chance of losing reelection if the economy does not turn around. While unemployment is low and the markets are surprisingly resilient, economic growth is weak, and inflation continues to hammer the real wages of ordinary workers.
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