Commentary
And it’s gone!
We are referring to the $300 billion of taxpayer funds that will go down the tubes at the stroke of Joe Biden’s pen upon his impending cancellation of $10,000 of student debt. And in the case of married couples, that covers households with incomes up to $250,000!
The legal claim to justify this action as invoked by the Department of Education: it is “a program of categorical debt cancellation directed at addressing the financial harms caused by the COVID-19 pandemic.” Only 37 percent of Americans have a 4-year college degree, only 13 percent have graduate degrees, and just 3 percent have a Ph.D. or similar professional degree. Yet a full 56 percent of student loan debt is held by people who went to grad school and 20 percent is owed by the tiny 3 percent sliver with Ph.Ds….