The Biden administration is expected to announce Wednesday a plan to cancel $10,000 of student loan debt for borrowers making $125,000 a year or less. Biden is also expected to extend the payment pause for federal student loans for several more months.
But the plan is a terrible idea, writes opinion contributor BEN RITZ.
For one thing, it's bad politics, argues Ritz, and will further estrange Democrats from working-class voters.
Ritz notes that "only 13 percent of Americans carry any student loan debt, and they have better income and job opportunities than the workers without a degree who will bear the costs."
Further, the move will likely "backfire with the overwhelming majority of workers who lack college degrees and suburban voters concerned about inflation and government overspending."
Ritz, director of the Progressive Policy Institute's Center for Funding America's Future, offers FIVE OTHER REASONS why Biden should not cancel student loan debt.
Read Ritz's column here.
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