AMAC Exclusive – By Daniel Berman
President Joe Biden’s move to forgive $10,000 in debt for those with outstanding loans who earn less than $125,000 a year has rightly been slammed as little more than a transfer of wealth to the richest Americans. But perhaps the greatest tragedy of Biden’s scheme is that it fails to deal with the underlying problems with the U.S. higher education system that created the student debt crisis in the first place.
Two things can be true at once: many individuals saddled by student loan debt have the ability to escape it through hard work and sacrifice, and many of those same individuals were victims of the decades-long scam perpetrated by the higher education industry. For the past four decades, America and the Western world have seen one of the largest transfers of wealth in history to the “haves” from the “have nots” in the form of political efforts to “universalize” higher education, efforts which have served to enrich institutions and allowed them to coerce hundreds of millions into paying exorbitant fees not just for degrees they do not need, but for services they do not want.
The student debt crisis in many ways has its roots in the 1980s, when a new obsession took hold with the “modernizing” left. Reckoning with political defeat at the hands of Ronald Reagan in the U.S., Margaret Thatcher in the U.K., Helmut Kohl in Germany, and Brian Mulroney in Canada, liberal elites…
