The colourful Ohio Gov. Jim Rhodes as soon as likened George Romney’s run for the presidency to “a duck attempting to [make love to] a soccer.” I want he had been round to place a label on the federal student-loan program. Within the unhappy catalog of its failures, the federal authorities has set a brand new normal. President Biden’s debt-cancellation announcement represents the ultimate confession of failure for a enterprise flawed in idea, botched in execution, and draped with duplicity.
The scheme’s flaws have been effectively chronicled. It’s regressive, rewarding the well-to-do on the expense of the much less lucky. It’s grossly unfair to those that repaid what they borrowed or by no means went to school. It’s grotesquely costly, including tons of of billions to a federal debt that already threatens our safety-net packages and nationwide safety. Like a lot of what authorities does, it’s iatrogenic, inflating faculty prices as faculties proceed to pocket the subsidies Uncle Sam showers on them. And it’s profanely contemptuous of the Structure, which authorizes solely Congress to spend cash.
