Commentary
On Feb. 28, the Supreme Court heard arguments on President Biden’s plan to extinguish an estimated $400 billion in student debt. Biden deserves credit for highlighting a debilitating federal program in desperate need of reform. His proposal, however, would make the problem far worse, not better. Any serious reform would force academic institutions to take some responsibility for the education they provide—and to show some responsibility to the many young Americans they induce to go deeply into debt.
The problems run deep. American higher education has become a hollow bubble of an industry coasting on brand equity and past glory….