The recent failures of two major banks, Silicon Valley Bank (SVB) and Signature Bank, and the swift intervention of the federal government to save depositors without helping everyday Americans has led to some backlash.
Many took to social media to express their concern about the state of the financial system and frustration that banks can get a speedy bailout from the government while things like expanded social services and student loan forgiveness continue to face an uphill battle.
Students had a small measure of hope when President Joe Biden began a program to cancel $10,000 in student loan debt last year. However, conservative groups and GOP officials have sued the federal government with claims that the program was unconstitutional, and cancelation has since been suspended. Critics questioned why the program wasn’t universal in the first place to avoid being vulnerable to legal attacks.
The cases moved up to the Supreme Court, but students may not know the outcome for months. In the meantime, they just have to watch as other (wealthier) groups get help with little questions asked.