Progressives are all too happy for Americans of more modest means to subsidize relatively high-income Democratic households.
One of Joe Biden’s first tests in office will be the urgent question of giving a big pile of money to rich people.
Biden wants a little welfare for the affluent in the form of a $10,000 college-loan giveaway accomplished through legislation, while the Democrats’ Left wants a lot more welfare for the wealthy in the form of a $50,000 student-loan giveaway accomplished through unilateral executive action.
And welfare for the wealthy is precisely what is in question here: The majority of student debt is held by relatively high-income people, poor people mostly are not college graduates, and those who attended college but did not graduate hold relatively little college-loan debt, etc. As the New York Times puts it, “Debt relief overall would disproportionately benefit middle- to upper-class college graduates.” Which ones? “Especially those who attended elite and expensive institutions, and people with lucrative professional credentials like law and medical degrees.”
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