A recent Tweet by Elizabeth Warren and a short rebuttal to her inspired this post. Let’s take a look at the Tweet and my 10 reasons.
Deeply Unfair
10 Reasons Why Student Debt Cancellation is Unfair
- It is unfair to those who sacrificed to pay off their student loans and it’s unfair to those who foot the bill.
- It is an upward transfer of wealth. The plumber pays for someone else’s college education.
- It encourages going to college when there might be better choices such as learning a trade. And It creates incentive to take on new student loans.
- It is blatant election year bribe to college students and college graduates.
- It creates creates a moral hazard for college administrators to sell useless degrees creating another overhang of new student debt.
- It creates a moral hazard for students who might feel that their debt should be forgiven in the future
- It subsidizes poor decision-making such as majoring in useless degrees including gender studies, anthropology, archeology, art history, music, culinary arts, fashion design, philosophy, etc.
- The president has no power to forgive student loans. Doing so creates another precedent for presidential rule by decree. This is too big a financial decision not to involve Congress. The current student loan program was authorized by Congress and contains no such authority to the president.
- Biden is openly fluting the Supreme court, another dangerous precedent.
- Free money is highly inflationary.
Laughable Explanations to Difficult Question
Everything this president does is inflationary. Yet, Biden and economists refuse to admit this.
January 11, 2024: Is Inflation Down? That’s What President Biden Says
February 20, 2024: The CBO Revised the Cost of Biden’s Energy Policies Up by $466 Billion
April 12, 2024: How the Inflation Reduction Act Failed to Reduced Electricity Costs in Pictures
May 11, 2024: What’s the Inflation Rate Under Biden vs 7 Previous Presidents?
Any Questions?
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