a really stupid idea.
Matt is also correct about the awful political optics of this. The loan forgiveness under discussion would go almost entirely to college graduates. That is going to leave a lot of working-class Americans even more convinced that the system is rigged in favor of the elite. And while it should go without saying, Warren’s proposal does nothing for all of the people with mortgages, car loans, or business loans. They will all rightly be saying ‘what about me? When do my loans get forgiven?‘ That’s not going to create an army of happy voters. [emphasis added]
… And in the end, you will wind up filching the money from the people who managed to pay off their own loans and earn a living to cover the costs of those who didn’t. That doesn’t really make for a very good thirty-second campaign advertisement, does it?
Well, and you steal it from hard-working blue-collar people who never took on the debt in the first place! Is it any wonder that there is a massive loss of blue-collar voters fleeing the Democrat party?
No. No, there isn’t.