Student-Loan Forgiveness and the National Debt

Colorful Ohio Gov. Jim Rhodes once compared George Romney‘s running for the presidency to “try a duck [make love to] a soccer ball.” I wish he’d been there to put a label on the federal student loan program. The federal government has set a new standard in its sorry catalog of failures. President Biden’s debt relief announcement is the final admission of the failure of a company which is flawed in concept, botched in execution, and riddled with duplicity.

The shortcomings of the scheme have been well documented. It’s regressive, rewarding the wealthy at the expense of the less fortunate. It’s grossly unfair to those who have paid back what they borrowed or who never went to college. It’s grotesquely expensive, adding hundreds of billions to a national debt that already threatens our safety net programs and national security. Like so much of what the government does, it is iatrogenic and drives up college costs as schools continue to pocket the subsidies Uncle Sam showers on them. And it’s a profane disregard for the Constitution that only authorizes Congress to spend money. Student-Loan Forgiveness and the National Debt

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