Rumblings that the Biden administration plans to “forgive” some student-loan debt for potentially millions of upper-class people earning up to $125,000 a year doesn’t sit well with many Americans.
[..[ “Historically, one powerful check against this wasteful government and educational bloatedness was the fact that – in America – you had to responsibly pay for your own higher education.”
Now instead of taking away the punch bowl from the rich kids, ole Joe wants to make poor kids pay for the booze. Who will benefit most?
According to Brookings Institute the top richest 40% of households have “almost 60% of outstanding student debt.
By magically “forgiving” potentially billions of dollars in loan debt, Biden ignores the fact that these loans won’t disappear. The cost of the loans will be socialized to more people, e.g., many poor and working-class taxpayers, essentially more new government spending. Joe’s plan is bald-faced political pandering.
As our unpopular Democrat president is six months out from a competitive midterm election, he may believe that canceling college debt is good politics. Instead it’s horrible policy and could very well backfire at the ballot box.
But do Democrats even care, as it’s not unreasonable to question whether the ‘ballot box’ will be any less corrupt in the mid-terms than it was last time around?
First published at Illinois Review.