President Biden is a consummate politician, and his recent student loan debt forgiveness announcement is a prime example. While Stephen is fully in favor of freeing students and their parents from these mafia-like loans, the current forgiveness “plan,” if it can be considered as much, is an administrative failure. Some 35 million individuals will have to attest that they make less than $125,000 in order to even apply. The Department of Education has not released any information about how the process will work or what debtors can do to take action. At the same time, there is a student loan moratorium that will be suspended in January. The clock is ticking and millions are eager to take action, yet there is no clear path forward. Mr. Biden has failed in his attempt to address a serious problem, but not in a serious way.

Mentioned in this podcast: “Borrowed Future: How Student Loans are Killing the American Dream”