The thing is, we've already let two generations end up burdened by "whatever the market will bear" while still carrying on about how everyone needs higher education to get ahead in a service-based and consumerist economy. The result is already too much of a drag on the economy --and looking ahead for the next 20 years-- not to rectify this retroactively to the extent that taxpayers can agree is feasible. Biden's key legislation will help bring some manufacturing jobs out of the ground in the USA again but it's a late start to a pressing problem that has got a leg up for a long time already.
And yeah, some noses will be out of joint on college loan forgiveness, and not just on people who don't want to pay for other people's college loans. There IS no free lunch, so some pols will have to give up on their states' pet projects down the road to cover the cost of a whole nation having agreed by ignorant default to let this BS situation of overpriced college educations fester for so long.
I mean think about it, colleges are paying north of $300k to "administrators" --fundraisers!-- to keep pitching to parents the future value of their kids borrowing $75k a year to get just a baccalaureate degree that might open a door in some marketing firm so they in turn can pitch to somebody to borrow money to buy something.
Ugh! The emperor is just about stark naked on that whole gig by now. Only took 20 years or so to figure out that we cannot continue to run a consumerist economy if only the banks are gong to be able to make a living... and that only if the f'g government bails them out (again) because eventually the default rates will be overwhelming.
Biden's move is jolting, for sure. He is putting existing regulatory muscle where his mouth has been, and it does force the discussion from the Congress' preferred stage of kicking the can down the road into the "right here, right now" reality.
If people don't like it, they'll sue. And, they will. And then If the courts don't like it, Congress will respond to will of the people at next opportunity to craft legislation (and appropriations) that will pass muster.
Bottom line things cannot go on as they are and that includes two generations already wallowing in debt they cannot repay while the economy stagnates as a result. It's a recipe for a failed state.
