My wife and I spent roughly a decade getting out from under our student loans. We lived frugally, avoided expensive vacations, and put off saving for retirement to make our payments. Two years ago, we downsized our home and used the proceeds to pay off our debts, including our still substantial student loans. If we had let that debt ride instead, we’d be nearly $30,000 richer today. President Biden’s student debt forgiveness would have changed our lives, but instead we’re missing out … because we did the responsible thing.

On social media, liberals are gleefully shaming anyone who isn’t thoroughly enthusiastic about Biden’s decision. I submit that people who can’t get a high-paying job to pay their own debts because they never went to college are understandably bitter about having to also pay the relatively low-interest student debt of those who can get those jobs. Obviously, the conservative politicians and media personalities who received PPP loans and Trump-era tax breaks are hypocrites to begrudge student loan forgiveness. However, liberals who consistently decry transfers of wealth from the poor to the wealthy are entirely too quick to change their tone when they’rethe beneficiaries.

Those receiving loan forgiveness can now spend more on other goods, increasing demand, and thus increasing prices. However small the resulting inflation might be, it will be borne primarily by people who make less money than the recipients, making this a regressive transfer of wealth. It’s nowhere near as unfair as GOP tax breaks for billionaires, but it’s far from just.

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