Home U.S Don't forgive $50,000 in student loan debt. It's bad for Joe Biden,...

Don't forgive $50,000 in student loan debt. It's bad for Joe Biden, Democrats and America.

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Some prominent Democrats, including Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren, are pressuring President Joe Bidento forgive up to $50,000 in student loan debt by issuing an executive order. This is a bad idea on so many levels it is difficult to know where to begin.

It should be uncontroversial to insist that American citizens 18 or older are adults who are responsible for what they bought when they signed, as the line from “Glengarry Glen Ross” goes, “on the line which is dotted.” Taking out a loan you didn’t understand is not fraud, no matter how much you might wish it were, and there is no compelling reason for making this debt vanish with a flick of Biden’s pen.

But the debate over loan forgiveness is now driven by emotion rather than reason. For its proponents, it is a humanitarian act to help people who were, apparently, hoodwinked into taking out loans to go to college and only miserable tightwads would reject it. For opponents, it is another example of decadent Americans wanting taxpayer bailouts for their personal choices, a liberal boomer gift to their own grandchildren that no one will ever see again.



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