Former VP Pence Chief of Staff Marc Short took to a panel on Fox News Sunday, hosted by Bret Bair the show was full of Short telling Bair and others just what he thought of student loan forgiveness and other topics. Given the problems Americans have been facing with student loans, it’s not surprising Short had an uptight mindset toward student loans.
“This is an incredibly asinine policy. The reality is today, 56% of all student loan debt is owned by people with graduate degrees. So, what the Biden administration is going to say to the American people is — for blue-collar workers across our country, who never had the opportunity to go to college — ‘We’re going to take your taxpayer dollars and subsidize lawyers, bankers, and people that have graduate degrees, doctors across our country.’ It makes no sense, it’s an entirely regressive policy, there’s nothing progressive about it.”
Short is absolutely right. The division of student loan debt is incredibly steep, and one that seems nearly insurmountable for the American people to clear with a clear conscious. While Short would love the idea of having no student loan forgiveness, it simply is not realistic. The cost of college has skyrocketed in the last 50 years, and the starting wage with a bachelor’s is often a laughable one. Getting a master’s or Ph.D. is the key to a high-paying white-collar or at least higher education job.
Once in those positions, it is easier to obtain a higher starting wage, and many positions that require a graduate or post-graduate degree will provide student loan payments or reimbursements as a perk of employment. Few positions offer that perk for those with only a bachelor’s degree. Even fewer still are willing to provide any real help with college. While people like Short love to say that people can just do it themselves and pay it off themselves because they did it doesn’t mean they are right. Older generations often had more help and paid a far lower cost for school than is required now.
A 2019 report from the Brookings Institution broke down the student loan debt. 56% of outstanding educational debit was held by people with an undergraduate or better. Considering only 14% of people over the age of 25 have a graduate degree, it’s a tall order to achieve this level of education, and those that do currently are holding on to that debt even longer. To break it down even further just 3% of graduates make up 20% of that debit. On average this 3% earns $106,000 a year, much more than the average $47,000 most Americans make.
After his recent announcement of $33,000,000 to Ukraine, President Biden spoke on educational debt, and what he has planned. “I am considering dealing with some debt reduction. I am not considering a $50,000 debt reduction, but I’m in the process of taking a hard look at whether or not there will be additional debt forgiveness, and I’ll have an answer on that in the next couple of weeks.” With his previous statements to the Congressional Hispanic Caucus, and implying that Congressman Tony Cardenas will like what he does concerning the push for $10,000 of student loan debt; Biden certainly has something in the works.