The plan being mulled by the Biden administration to cancel and forgive up to $1.6 trillion of federal student-loan debt is a brazen act of class warfare by the affluent against everyone else. It is a politically, and cosmically, unjustifiable robbery that offers yet more rope for the decadent and totally indefensible American college system to become even more decadent and indefensible.
The overwhelming majority of student debt is held by the affluent; less than 10 percent of it is held by the bottom third of earners. Nearly 40 percent of it is held by students who earned advanced degrees — many of them now doctors and lawyers. Unemployment for the college-educated is less than 2 percent.
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