Expensive payoff plan potentially self-perpetuating

Monday, February 22, 2021
 | 
Bob Kellogg (OneNewsNow.com)

student loan applicationWhile Democrats urge President Joe Biden to press for a taxpayer-funded $50,000 gift to help young people pay off their student loans, a researcher and writer on federal and state education issues says the move would be unfair to most of America's taxpayers.

The Epoch Times reports Senate Majority Leader Chuck Schumer (NY) and other Democrats claim it would reduce "the racial wealth gap." Lindsey Burke of The Heritage Foundation, however, sees its enormously expensive potential.

"This would be one of the most expensive executive orders in history if it went that route, which is something President Biden has said he does not want to see, that if this were to happen, it would need to go through Congress," Burke details.

Burke

She adds that if this were to come about, then it would be grossly unfair to the majority of American taxpayers.

"It would shift the burden of paying for college from the individuals who went to college, who directly benefited from attending college, onto all Americans, three-quarters of whom don't hold bachelor's degrees themselves," Burke explains.

She goes on to warn that such payoffs might be self-perpetuating in that future students would expect the same benefit.

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