Economist Podcasts Them that’s got shall have: student-debt relief
Aug 26, 2022
Idris Kaloun, The Economist's Washington bureau chief, dives into the contentious landscape of President Biden's student loan forgiveness plan. He discusses the political implications and the fairness of canceling debt amidst soaring educational costs. The episode also reveals the struggles of Al-Majiri boys in Nigeria, forced to beg under religious teachings, contrasting sharply with their educational challenges. Additionally, it celebrates the Karaim community's rich cultural heritage in Lithuania, highlighting music's vital role in preserving their traditions.
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Student Loan Forgiveness
- President Biden fulfilled a campaign promise by canceling student loan debt.
- This decision followed extensive deliberation and pressure from progressives.
Impact and Cost
- This action impacts around half of existing borrowers significantly.
- The policy's cost, estimated between $400-600 billion, raises inflation concerns.
Policy Drawbacks
- Student loan forgiveness disproportionately benefits higher earners with college degrees.
- This is because college graduates typically earn more than non-graduates.