t might be the biggest giveaway in American history. President Joe Biden wants to cancel more than $1 trillion of outstanding student loan debt. Biden has already delayed for more than a year student loan repayment, and under his new rules, most delinquent and deadbeat borrowers would NEVER have to repay.This plan makes suckers out of the millions who have felt honor-bound to pay off their debts.
Who would benefit? The most recent Federal Reserve Survey of Consumer Finances found that only 22% of families had student loan debt and that"student debt has consistently been disproportionately held by higher-income families." So this is a giveaway to the financially successful students and families paid for by middle-class workers, millions of whom didn’t go to elite universities in the first place.
The Biden administration has misdiagnosed the fundamental problem here. To wit: Colleges and universities have become fat, flabby, and inefficient money burners with no accountability. No oversight. No getting rid of bad teachers and professors. No looking under the hood to see where extraneous costs could be axed.
StephenMoore How much tax payer money is being used on things other than education? You might be able to find a couple of trillions of dollars somewhere I’m sure.
StephenMoore And it will also awaken the sleeping giant of voters who paid for their own education and their children’s education. There’s a lot more of us than there are of them.
StephenMoore