Another Editorial Board Is Bashing Warren's Proposal to Forgive Student Loan Debt | NTK Network Another Editorial Board Is Bashing Warren’s Proposal to Forgive Student Loan Debt

Another Editorial Board Is Bashing Warren’s Proposal to Forgive Student Loan Debt

"Warren’s plan would cost more than advertised, and it would shower federal largesse on millions of Americans who don’t need it…”

By NTK Staff | 04.29.2019 @3:00pm
Another Editorial Board Is Bashing Warren’s Proposal to Forgive Student Loan Debt

“Warren’s plan would cost more than advertised, and it would shower federal largesse on millions of Americans who don’t need it…”

The Chicago Tribune’s editorial board became the second editorial board this month to bash Sen. Elizabeth Warren’s (D-MA) proposal to forgive some $1.5 trillion in student loan debt.

Warren a 2020 presidential hopeful proposed earlier this month to forgive as much as $50,000 in student loan debt for anyone whose annual income is less than $100,000, while also offering partial loan forgiveness for anyone earning up to $250,000 annually.

In an editorial board piece on Sunday titled “An ‘F’ For Warren’s Unfair Plan To Nix Student Loan Debt,” the Tribune bashed Warren’s proposal.

“Of course debt is not a crime, and the reason so many young people have borrowed to finance college is because they think a degree is more than worth it,” the Tribune’s editorial board wrote. “For some students, that’s a bad decision. But that’s no reason to wipe out these debts for people who benefited from them and can well afford to repay them.”

“What’s wrong with this approach? Plenty,” the Tribune’s editorial board continued.

“By Warren’s account, the loan forgiveness would cost $640 billion. But Urban Institute analysts Matthew M. Chingos and Kristin Blagg say the sum would be $955 billion. Neither figure includes the cost of eliminating tuition, which Warren figures will require $610 billion over a decade.”

….

“But forgiving loans en masse would have a perverse effect, as Hoover Institution scholar Paul Peterson notes. “You don’t want to reward people for not getting a degree,” he says. If college were free or loans didn’t have to be repaid, it’s safe to bet that more people would embark on studies that they would fail to complete. Who would gain from that?”

“Warren’s plan would cost more than advertised, and it would shower federal largesse on millions of Americans who don’t need it. You don’t need a college education to understand why that’s a bad idea,” the Tribune’s editorial board concluded.

This is the second major editorial board to bash Warren’s student loan debt forgiveness program. Earlier this month, the Washington Post wrote a scathing review of Warren’s proposal.

The Post called Warren’s proposal a “sweeping bailout for the middle class and above” at the expense of the poor.

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