No, US Taxpayers Don’t Owe You Student Loan Debt Forgiveness

This week “President” Joe Biden forgave $10,000 worth of student loan debt for those making less than $150,000 a year. More specifically, among other actions, the “Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education, and up to $10,000 in debt cancellation to non-Pell Grant recipients.” Magic does exist! Because government has so much free money lying around, right?

According to the US Census Bureau, in 2021 about 38% of the US population had bachelor’s degrees, with about 14% of those having an advanced degree as well. That means that a significant percentage of Americans, about 62%, do not have four-year college degrees (about 10% had an associate degree). So those who want student loan forgiveness are demanding that the majority of Americans, who do not have access to many jobs (a lot of them higher paying) because they do not have college degrees, should pay for the degrees of a privileged minority of Americans whose degrees allowed them special access and more money that others do not have. This is flat out a tyranny of the privileged minority over the majority.