The rich get richer, the old saying goes. And President Joe Biden wants to keep it that way.
Case in point: The White House has announced a major move on student debt, canceling it for almost 40,000 borrowers and bringing 3.6 million closer to forgiveness. Yet student-debt relief mainly benefits the better-off.
Yes, like much of the progressive agenda, this is packaged as “equity” — with a massive contingent of Democratic legislators calling for relief late last month as a way to “advance equity as our nation works to rebuild a stronger and more equitable economy.”
But look at the numbers. A January paper from the left-leaning Brookings Institution showed just how unevenly student debt is distributed, with almost a third of all US student debt owed by the wealthiest 20% of households, while the bottom fifth of earners owe less than 10% of such debt.
https://nypost.com/2022/04/24/bidens-bribe-to-the-affluent-student-loan-forgiveness/