The Biden administration “cancelation” of student loans in the aggregate amount of hundreds of billions of dollars is bad public policy in several dimensions. It lacks any respectable justification. The Department of Education has posted a press release describing the scheme here. Axios provides a brief outline of the details here.
The scheme is of dubious legality, although they the a theory. It is cynical beyond belief. Take a hint from the extension of the repayment obligation through the the month following the November elections. It is also incredibly unfair to citizens who have foregone college or paid their debts.
Making honest citizens feel like chumps should be beyond the bounds. The Federalist has just posted David Harsanyi’s column on the demerits of the cancelations. It is more than enough for the moment.
Retasking old laws, passed under very different circumstances for different reasons, is an attack on democracy. https://t.co/A4zXKo7CtN
— Richard Samuelson (@Rickersam3) August 24, 2022