Economist Nassim Nicholas Taleb, author of the bestselling book “The Black Swan” that deals with the extreme impact of rare events, has criticized President Joe Biden’s student loan debt forgiveness plan.
Taleb, whose book argues that systems should be designed to be “antifragile” and build resilience when subjected to stress from adverse events, said in a post on Twitter that the cost of Biden’s “debt jubilee should be borne by universities, not taxpayers.”
The White House says Biden’s student loan forgiveness scheme is estimated to cost $24 billion per year, or $240 billion over a 10-year period. Projections by the Penn Wharton Budget Model and the Committee for a Responsible Federal Budget put the figure at between $330 billion and $500 billion over a decade, respectively….