Contributing columnist Dana Hall McCain argues that canceling debt 'does nothing to reign in U.S. colleges and universities, which have jacked up the cost of higher education without offering a diploma with similarly increased value.'
I’m not angry about it. I just think it’s a bad policy.
That’s nonsense. I don’t blame anyone for taking the off-ramp on those payments when offered, especially those who have honored their loan agreements and been faithful in their repayment obligations up to this point. Fiscal policy can simultaneously be good for individuals I knowMy problem with the Biden plan is that it does nothing to prevent this vicious cycle of educational borrowing and debt strain from consuming the next wave of American students.
These institutions raise college costs with impunity, strangle students with debt, count their money, and then let Washington send the bill to you and me when the whole racket collapses. Suppose the President had introduced a plan to clamp down the amount loan-eligible colleges are allowed to charge and force uber-wealthy schools to start underwriting their students’ loans. In that case, I could better live with the cancellation of debts incurred in recent decades. It would be a more reasonable wiping of the slate as part of a total re-set of education lending.
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