Instead of alleviating rising debt burdens, Joe Biden’s student loan debt “forgiveness” has caused recipients to take on additional non-student loan debts, a new economic analysis shows. The data shows that the beneficiaries responded not only by taking on more debt but also by working and earning less—the opposite of the intended effect.
Moreover, the study found that loan forgiveness didn’t go to those most in need, but rather “disproportionately went to higher-income borrowers” who have the greatest ability to repay their loans.
Student loan forgiveness—forcing two-thirds of Americans without college degrees as well as those who worked their way through school or already paid off their debts to pay off the loans of others—has always been unjust.
But advocates ignore the costs imposed on others and argue that freeing student loan borrowers of…
