by John Rubino
Incoming president Joe Biden just proposed that $10,000 of student debt be forgiven for each borrower.
This sounds generous but is actually just the opening bid in a negotiation that will end in a very different, much more expensive place – and that will be repeated for many, many other groups of borrowers. Here’s how this first round will go:
The vast community of ex-college students who still owe big bucks on their much-less-valuable-than-expected college degrees will scoff at Biden’s miserly offer. Articles will appear in the corporate press with headlines like “Bob Smith owes $275,000 on his history degree. $10,000 won’t save him. Not even close.”