Student Loan Forgiveness: A Payoff for the Woke
Higher education gobbled up an immense flow of government student loan cash and spent it largely on administrators, who outnumber teachers and who bear something like the relationship to the larger society that Attila the Hun’s armies bore to ancient Rome.
Saturday, September 3, 2022
“A Bailout for Woke Higher Ed” reads the headline on the stringent analysis by the Wall Street Journal’s Allysia Finley of the Biden student loan forgiveness program.
It’s a program that’s economically regressive, “even worse than you thought,” with big bailouts for the most affluent, as economist Tyler Cowen points out.
It’s wildly more expensive than advertised, according to Penn Wharton, with costs rising to the magnitude of $600 billion to $1 trillion, two to three times the expected price tag. […]