Seeking Loan Forgiveness from the Great and Powerful Biden . . . Wishing for Other Loan Forgiveness Programs such as the Car Debt Relief Act and the Zero Mortgage Balance Act . . . Could We Simply Forgive Everyone's Debt for Everything?

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Adam and Jeff discuss the current proposal to have President Biden forgive up to $20,000 of student loan debt per borrower but wonder if there is any plausible legal basis other than the regime's own delusions to justify the exercise of such powers. Jeff points out that rapid rise of college tuition over the past 40 years has outstripped even our most bloated health care costs; college tuition has increased--depending on the institution--20, 30 and even 40 times since the late 1970s. Adam and Jeff argue that the biggest reason for these cost increases are the well-intentioned but idiotic government loan guarantees that enable 18-year-olds with no discernible income to borrow $50,000, $100,000 or even more in order to pay for the tuition of even the most non-renumerative degrees. Because these student borrowers cannot easily discharge their loan obligations in bankruptcy, the higher education system has little incentive to reduce its tuition rates. Jeff and Adam point out that the major universities all watch each other's tuition pricing and adjust their rates in tandem so that their tuition rates do not vary too much from each other. Adam and Jeff suggest that this loan forgiveness program reflects our society's unwillingness to confront difficult choices and actually fix the problem instead of simply throwing more money at it. Jeff thinks that the only solution is to phase out the government loan guarantees which will force universities to be more efficient because the pool of available loan money will drop dramatically and force significant cost reductions. Should that ever happen, Adam and Jeff believe that the overlords of higher educations will throw a temper tantrum that will make World War II look like a tea party.

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