August 31, 2022
Face it, government “forgiveness” of student loans is theft. It is transfer of the debt obligation to people who had nothing to do with the loan. Joe Biden’s recent executive order providing “debt cancellation” on up to $20,000 on student loans is immoral, unconstitutional, and economically foolish. It does buy votes, however–from people who love the idea of having someone else pay their debts at the point of a government gun.
On this live show, Keith explains why this order is theft, why Biden has no legal constitutional authority to do it, and why it is stupid from both basic economics and educational success viewpoints.
Links Referenced in the Show:
White House 8/24/22 Statement
https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/
Federal Student Loan Programs
https://studentaid.gov/understand-aid/types/loans
Reason article, income driven repayment program changes will increase college cost
https://reason.com/2022/08/30/biden-student-loans-income-driven-repayment-college/
Sheepskin Effect, math analysis
https://www.econlib.org/archives/2013/02/sheepskin_effec.html
Committee estimate of total cost of forgiveness – $500B
https://www.crfb.org/blogs/new-student-debt-changes-will-cost-half-trillion-dollars
Spectator article, analysis of who forgiveness benefits
https://spectator.org/uncle-joe-i-paid-off-my-student-loans-can-i-have-some-other-free-stuff-instead/
Bureau of Labor Statistics, earnings vs formal education degree
https://www.bls.gov/careeroutlook/2022/data-on-display/education-pays.htm
About Rebel Civics
Hosted by Keith Bessette, Rebel Civics covers the principles of society and government, the ideas upon which America was founded, the history of the development of these principles, and current events in relation to them. Rebel (n): A person who is disobedient to unjust authority and stands up for fundamental principles, despite conventions and the opinions of others.
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