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This week, as we enjoyed our first morning cup of joe, we thought we’d take a look at President Joe Biden’s just-announced student loan forgiveness plan:

Forgive $10,000 for former students making less than $125,000, with an additional $10,000 for those who took Pell Grants, which go to lower income families, and extend the repayment pause until next year.

Not nothing—and Democrats will surely line up to run on it this fall—but as Sonali Kolhatkar observed on our pages, it’s pretty weak tea. Democrats have this dance nailed: Make big promises, delay and delay some more, then launch a watered-down program that satisfies no one—and still draws rabid heat from the likes of Ted “Put Down Your Bong” Cruz.

The problem is that 45 million students and former students are saddled with $2 trillion in student loan debt, which works out to $33K for the average public college student. That individual debt load produces $9K in interest over 10 years—and many students have far more debt than that.

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So, 10 years down the road, today’s student borrowers will be back right where they started, unless they can somehow get ahead of the game.

Far better, we argue, is simply to forgive all student debt, paying for it with a modest tax on Wall Street transactions, as Bernie and company have proposed. Instead of making endless loan payments to bankers and the federal government, that money would get spent into local economies—on home repairs, upgraded cars, educational opportunities your family’s kids—and not bankers’ yachts and second homes in the Hamptons.

But, of course, the deck isn’t stacked that way. We know—and you know—that the game is rigged to keep many workaday Americans slaving away to pay off these debts and forgoing horizon-expanding educational opportunities.

Here’s a few of the articles we’ve published on this topic lately.

We’d love to hear what you think about this topic and our whole new Coffee with Dick & Sharon presentation.