Credit where credit is due. Canceling outstanding federal student debt up to $50,000 unilaterally via executive order is exactly the kind of bold step that most of his left-wing critics had suggested President-elect Joe Biden would be reluctant to undertake. (It is even harder to imagine Sen. Bernie Sanders, who has spent most of his political career insisting upon a minimalist understanding of executive authority, being comfortable with it.)

This is not to suggest that there is anything especially courageous about Senate Minority Leader Chuck Schumer’s hinting at this as a possibility in the early months or even weeks of a Biden administration. Eliminating student loans is a sop to our professional classes (and those who aspire to them and are disappointed in the return on their investment), who more than any other identifiable group decided this year’s presidential election in Biden’s favor. (President Trump’s decision to suspend student debt payments for much of the last year has gone curiously unheralded, including by the man himself.)

But politics should not be about resentment or taking away the other team’s goodies. The fact that such a proposal would disproportionately benefit high-earning professionals does not make it a bad one. But it should …read more

Source:: The Week – Business


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