The popular-media coverage of student loans would have you believe that a generation of young workers is being crushed by unaffordable student-loan debt they cant escape. Indeed, when presidential candidate Senator Elizabeth Warren last year put forth a proposal to cancel $640 billion dollars in education debt, the plan met with popular approval. According to a May 2019 poll by Politico/Morning Consult, 56 percent of voters supported Warrens proposal, while just 27 percent opposed it.
Popular support notwithstanding, widespread student-loan forgiveness is a bad ideanot because such a program would be too costly or because it would undermine the social compact for individual responsibility. Rather, its a bad idea because the problem its …
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