Student Debt Relief: Reparations for Rich White People

Source: Town Hall
by Larry Elder

“To reduce inflation, battle climate change, reduce gas prices, stem rising crime and to protect our southern border, President Joe Biden has forgiven $10,000 in federal student loans and extended $20,000 in debt cancellation to Pell Grant recipients for borrowers making less than $125,000 a year. A study by the University of Pennsylvania’s Wharton School found that ‘Between 69% and 73% of debt forgiven accrues to households in the top 60% of income distribution’ and the total cost could reach $1 trillion. Even many Democrats are outraged. Jason Furman, chair of the Council of Economic Advisers under former President Barack Obama said …. ‘At this point in our economy, we really don’t need to be adding $500 billion of deficit spending for a purpose that frankly includes wealthy law students and business school graduates getting tens of thousands of dollars.'” (09/01/22)–reparations-for-rich-white-people-n2612509