DEBT4GIVN: The Folly of Student Debt Forgiveness

[claireokc]

Commentary If we see a Beverly Hills plastic surgeon getting into his new 2023 Porsche Carrera with the license plate DEBT4GIVN, we will see the full folly of forgiving all student debt. A full forgiveness of all existing federal student debt would result in 46 million of America’s college elite sharing a windfall of $1.7 trillion while leaving at least 250 million Americans scratching their heads. If this is a political calculation, it’s inexplicable. If the goal and objective is to create some form of equity among those who have unpaid student debt, a blunderbuss approach is the worst possible alternative. Forgiving the debt of anyone who has the capacity to repay their debt is nothing less than the gift of public funds. (A neurosurgeon with student debt of $10,000 or $50,000 or $150,000 is not a compelling beneficiary. A schoolteacher in an economically disadvantaged community may be a compelling beneficiary.) But, forgiving the total debt of anyone who has the capacity to repay a portion of their student debt is still a gift of public funds. ...

Source: https://www.theepochtimes.com/debt4givn ... 16064.html