College loan forgiveness is a policy to give money to the advantaged.
Brad Polumbo writes:
Few causes are as central to the progressive movement as student debt “cancellation” (which really means taxpayers absorb the burden of $1.7-plus trillion in student debt). But yet another study just confirmed that there’s actually nothing “progressive” about student debt cancellation at all.
A new analysis from the liberal-leaning Brookings Institution finds that “almost a third of all student debt is owed by the wealthiest 20 percent of households and only 8 percent by the bottom 20 percent.”
The issue has a strange feel, once scratches the surface of analysis. Some significant percentage of the benefit would go to wealthy families for whom college was an easy matter of course. Some significant percentage would go to people who made an investment in higher education, and it was successful. Some percentage took out loans to buy useless degrees.
The only advantage to the blanket loan-cancelation policy is that it buys votes for lefitsts.