It now seems likely that Biden will ‘cancel’ (i.e., transfer to taxpayers) at least $10,000 of student-loan debt per borrower. It’s a classic political move, after all — concentrated benefits for some, greatly diffused costs for everyone else. Something for a disastrously failing regime to crow about.
But how about the arguments pro and con? In today’s Martin Center article, I examine them and find that the case for loan forgiveness is pathetically weak, legally, economically, and morally.