President Joe Biden is considering doing mass student-loan forgiveness, but “limited” to people who make less than $125,000 a year. That’s a clear sign he recognizes the horrible optics of debt-cancellation, which will largely benefit wealthier Americans. Yet the limit is a joke: Forgiveness would still help just the small minority of those who’ve gone to college and likely earn more because of that.
For starters, that $125K income cap is 10 times the national poverty line, and many just-out-of-college workers with student loans will easily fall under it (the average entry-level salary for college grads is less than $60,000, per the National Association of Colleges and Employers).
And many of these grads will do very well indeed — as doctors, lawyers or CEOs — later in life, but yet still wouldn’t have to repay their forgiven debt. Indeed, white-collar workers with advanced degrees account for nearly half the $1.6 trillion in outstanding federal student debt.
The Committee for a Responsible Federal Budget calculates that the “limited” Biden plan still costs the taxpayers at least $230 billion, with two-thirds of the benefit going to Americans in the top half of incomes. Oh, and: “It would also worsen inflation and increase the cost of higher education.”
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