Student loan forgiveness is a political bribe

Advocates of student debt forgiveness are open about their political motives. “It is truly an illusion to believe that Dems can be re-elected without acting on debt or student debt,” Representative Alexandria Ocasio-Cortez tweeted in December. Representative Ayanna Pressley said in a statement. 5: “Democrats win when we deliver, and we must deliver in impactful, tangible, and transformative ways, like canceling student debt.” A headline in an April column in the Los Angeles Times read, “Elizabeth Warren knows how Democrats can win midterms. It starts with the cancellation of student loan debt.” The New Republic signaled its deal: “Biden’s only good pre-midterm game: Canceling student debt.”

The debate centered on how the debt forgiveness would play a political role because there was no other justification. The average student with debt leaves college with $28,400 in debt. What do students get for that debt? Over the course of their earning lives, those with only a handful of colleges earned increased lifetime earnings compared with those who only completed high school, 10 times the average amount of debt incurred. The average graduate with a bachelor’s degree earns 40 times more; master’s graduates earn 53 times more; and a doctoral graduate earns 80 times as much debt. Law and medical degree holders earn nearly 100 times. Even as the share of the population with a college degree has tripled to 30.7% from 10.5% in 1967, the value of that degree has increased. The pay for having a college degree has increased to 96.2% today from 55.9% in 1967. Student loan forgiveness is a political bribe

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