https://issuesinsights.com/2020/11/24/student-debt-bailout-bad-economics-and-a-cynical-giveaway-to-the-wealthiest-americans/
Joe Biden has so many bad ideas that dealing with them all is a little like swatting flies in a molasses factory in July. One bad idea that’s getting media coverage right now is student loan forgiveness, a favorite among progressives. It’s a classic Democratic proposal: It helps the rich and the elites, and then hands the bill to working Americans.
An alliance of 236(!) leftist groups and teachers’ unions — or do we repeat ourselves? — recently urged Biden to erase student debt as one of his first acts as president, assuming of course he wins. Both Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez, thought to have significant clout in Biden’s inner circle, want government to wipe away as much as $50,000 of debt per student.
So-called progressives are no doubt concerned that recent polling shows surprising support among millennials for Republican ideas. What better way to get them back on board than to show your socialist bona fides and win future elections than by forgiving student debt?
As Warren recently tweeted, “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.”