Each spring, as tassels are turned and degrees are conferred, college graduates across the country celebrate the culmination of years of study, sacrifice, and—inevitably for many—debt.
Against this backdrop, the idea of student loan forgiveness is touted by many as a compassionate and progressive policy, a generous gift to the newest members of the workforce. But such a policy, while emotionally appealing, is fraught with economic, moral, and social consequences that far outweigh its supposed benefits.
Let us begin with a simple question: If student loan forgiveness is justified because it eases the financial burden of borrowers, then why should we stop there? Why not forgive mortgages, car loans, or credit card debt? After all, those are also crushing financial obligations for millions of Americans. Yet the notion of broadly canceling those types of debt is rarely…
