Biden seems to be considering forgiving about $10,000 – enough to make a big difference for poor families, but probably way too low to excite the young middle-class voters the Democrats will need in November.
Full disclosure, I’m a Boomer who graduated with no debt back in the day when middle-class parents could afford tuition, and when working at a radio station and writing a newspaper column – based on the assignments in my creative writing class – could pay for room and board.
However, there is evidence that some colleges started ripping off students to take advantage of the federal student loan program. But in 2018, Education Secretary Betsy DeVos removed those regulations – something about the government having no business regulating the free market – and soon more students were graduating into a job that could never pay off their loans.
So here we are – with millions of students who borrowed money to learn stuff no employer wants to pay for. And who, we’re told, are angry enough to abandon the Democrats in November unless Biden cancels a meaningful amount of their debt.
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