The Pernicious Effects of Student Loan Forgiveness
Channel: The Survival Economist
Date: 2021-01-12

The Pernicious Effects of Student Loan Forgiveness

Senate Minority Leader Chuck Schumer recently suggested that as one of his first acts as president, Joe Biden should wipe out $50,000 of student loan debt for every borrower by executive order. But what kind of impact would this have on the US economy?

It would certainly benefit a lot of people. But somebody would have to pay the bill. And that somebody is everybody else.

Biden has proposed a more modest plan to forgive $10,000 of outstanding student loan debt for all borrowers. Even this more limited approach would erase about one-third of student loan debt.

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