Why Elizabeth Warren’s college debt plan sucks
Last month, Sen. Elizabeth Warren, hustling to get to the left of her rivals in the crowded Democratic field, proposed that the federal government forgive up to $50,000 in student loan debt for people in households earning less than $100,000 a year (amounts forgiven would shrink at higher income levels). The proposal is projected to cost $640 billion, though some estimates suggest the figure could be north of $900 billion. As one might expect, Warren’s proposal disproportionately benefits affluent families, since working class and low-income households are much less likely to have attended college at all — much less to have racked up substantial student debt.