The Democrats’ Push to ‘Cancel’ $50k in Student Loan Debt Completely Ignores the Real Reason College Is So Expensive

Democrats will never accomplish anything meaningful until they reexamine the root cause of the problem they’re trying to address.

Calls are mounting among Democrats and progressives for a prospective Biden administration to make “canceling” student debt a top priority.

The loudest demands have come from progressive legislators such as Rep. Alexandria Ocasio-Cortez and Rep. Ilhan Omar. Meanwhile, prominent senators such as Elizabeth Warren and Chuck Schumer are imploring Biden to “cancel” $50,000 in student debt via executive order.

Student loan forgiveness is good, actually
— Alexandria Ocasio-Cortez (@AOC) November 16, 2020

Student loan debt is holding back a whole generation from buying homes, starting small businesses, and saving for retirement – all things we rely on to grow our economy. Executive action to #CancelStudentDebt would be a huge economic stimulus during and after this crisis.
— Elizabeth Warren (@SenWarren) November 16, 2020

While this legally dubious use of executive authority is still a matter of debate in Democratic circles, most elected Democrats support “canceling” some student debt via legislation. For example, in May House Democrats passed the “HEROES Act,” a COVID-19 relief package that included $10,000 in taxpayer-financed student debt relief. (To be clear, student debt “cancelation” just means that taxpayers must pay it off.)

Suffice it to say that, to varying extents, student debt cancellation is at the top of the Democratic Party’s agenda. This means the policy is worth serious scrutiny—and it doesn’t hold up well.

For one, progressives claim to be champions of the working class who simply want to use the government to help uplift society’s most vulnerable. Yet with student debt cancellation, liberal politicians are prioritizing the interests of a relatively privileged and well-off segment of their constituency.

That’s right: Taxpayer-financed student debt relief is actually a regressive policy, which means that it disproportionately benefits the wealthy

More: https://fee.org/articles/the-democrats-push-to-cancel-50k-in-student-loan-debt-completely-ignores-the-real-reason-college-is-so-expensive/

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The Democrats’ Push to ‘Cancel’ $50k in Student Loan Debt Completely Ignores the Real Reason College Is So Expensive

The Democrats’ Push to ‘Cancel’ $50k in Student Loan Debt Completely Ignores the Real Reason College Is So Expensive

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