Bernanke says it wouldn’t be fair to cancel student loan debt

Former Federal Reserve Chairman Ben Bernanke said canceling student loan debt was unfair.

“It would be very unfair to eliminate them. Many of the people who have large amounts of student debt are professionals who will go on with their lives and make big bucks. So why should we choose them over someone who hasn’t? like going to college?” Bernanke said accordingly New York Times.

President Joe Biden said last month that he was “considering looking at a debt reduction,” although he added that a $50,000 debt reduction was not on the table — some Democrats have pushed for Biden to cancel up to $50,000 of federal student loan debt per person.

But the concept of wiping out some or all student debt obligations remains deeply divisive. Debt relief would benefit neither those who have already worked diligently to pay off their own student loans nor the millions of Americans who have chosen not to attend college.

“I just worked my ass off a few months ago to pay off my very expensive student loans. If Biden issues student loans I will be furious,” Kassy Dillon tweeted last month, expressing a point of view likely shared by many who have been scrapped to pay their college debts.

“Biden essentially wants workers like truck drivers — who haven’t had the luxury of going to college for four years to get drunk — to save a bunch of upper-middle-class kids who have chosen to spend tens of thousands of dollars, they didn’t have for worthless gender degrees,” Donald Trump Jr. said, according to the Washington Post.

Responding to a question about how student debt forgiveness would benefit those who have already paid off their debts, progressive Democratic Rep. Alexandria Ocasio-Cortez of New York said, “I’ve said it before and I’ll say it again: no every program must be for everyone. People with apartments pay home equity benefits for the first time. Young people pay Medicare for our seniors. People who use public transit pay for car infrastructure,” Ocasio-Cortez wrote.

“Maybe student loan forgiveness won’t affect you. That doesn’t make it bad. I’m sure there are certainly other things that student loan borrowers pay taxes on. We can do good things and reject the scarcity mentality that says doing something good for someone else comes at the expense of doing something good for ourselves.

“For example, if a person is blessed enough to be able to pay off their loans, they may have a home now and benefit from first-time homeowner programs that subsidize people who are crushed by student loans when they can’t.” are able to buy a house because of student debt. It’s all over It is in order. We can support things that don’t directly benefit us,” concluded the congresswoman. Bernanke says it wouldn’t be fair to cancel student loan debt

Laura Coffey

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