News last week of increased pressure from progressives on President Joe Biden to cancel student debt made me want to find the closest keg party.
Why should the American taxpayers pick up the loans floated to everyone from the Ancient Middle East Literature grad waiting tables to the young super lawyer one promotion from partner who makes five times what the rest of us do?
Want to propose changes to student loan programs that have enabled millions of students to get over their heads in debt?
Want to overhaul higher education funding with a goal of helping universities cut the cost of tuition?
Want to debunk the myth that college is for everyone — as opposed to vocational skill training?
Want to explore structuring student loan amounts based on the types of degrees that are offered and the quality of the university or college?
All of this seems fair. Consider this: A four-year film studies degree from Wesleyan University will run you $218,370, according to financesonline.com, a site that reviews all forms of businesses. By comparison, a biochemistry degree from Bucknell is $960 more over four years. Which is the more prudent student debt? A future chemist with huge earning potential or a wannabe film critic?
Uncle Sam picking up the almost $1.6 trillion in student loans is not the answer. By 1.6 trillion miles, it is not the answer.
It turns out student loan forgiveness is a solution that has as many questions as answers.
First, if you pick up that debt, what about those 18th-century French history majors coming down the pike? Are they not worth the same investment with the same potential? Is the federal government going to cover those degrees, too?
Second, what about those students and families who worked their way through school, scrimped, pinched and sweated to pay off their loans for business, literature or physics degrees? Do they get reimbursed? Or maybe they get a far-left slap on the back with a hearty "Good job."
Third, what kind of lesson is this? Are we rewarding a bad business decision (some would call it a bad gamble) by paying off $50,000 for a degree in Egyptology or ancient languages?
Finally, our government simply can't afford it. With a deficit that is growing at an inexplicable rate, America is already giving away trillions that we do not have and have been forced to borrow. So the government is going to take out a loan to pay for everyone's student loans? Great.
That's the dumbest solution to a higher education issue I've ever heard.
Contact Jay Greeson at email@example.com.