Canceling student debt for everyone is bad policy and bad economics ...Middle East

Recent reports indicate that the Biden administration is considering canceling some student loan debt. At $1.7 trillion, the amount of student debt is astronomical. This is 30 times the entire budget of the U.S. Department of Education in 2022. Extravagant spending warrants extraordinary scrutiny, and such expensive policies demand a careful consideration of who benefits from this spending, and what else could be done with such a massive expenditure. Our research shows that student loan forgiveness primarily benefits affluent borrowers. Full cancelation would distribute $192 billion to the top 20 percent of earners, and only $29 billion to the bottom 20 percent — meaning that for each

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Last updated : 05 July 2022 clock 09:32 PM

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Canceling student debt for everyone is bad policy and bad economics ...Middle East

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