Senator Elizabeth Warren, D-Massachusetts, asserts the Department of Education has broad legal authority to offset debt. I guess that seems great to the countless Americans using a boatload of faculty debt, however, I doubt it’s so attractive to taxpayers that have paid off their faculty loans and are currently working and paying taxes to finance such a section.
I know that printing numbers onto paper and calling it “money” is among Washington’s unique abilities but to think about wiping out the faculty loans owed to authorities is really extra-special. Maybe the faculty that received the cash must provide it straight back and clear the loan? If this turns out to be a bridge too far for the bean counters to tackle, by all means go right ahead forgive the loans and then close the national Department of Education once and for all, as could happen with any unsuccessful bank with such a poor record of performance.
However, before you do, please make certain to send me a test for the thousands I borrowed for college loans; and paid back.