The news is out: [Larry Summers is “skeptical” about general loan cancellation being discussed amid President-elect Joe Biden’s transition to office, arguing that debt forgiveness would benefit the rich and not the poor.
“I’d be rather skeptical of across-the-board, massive student debt reduction programs because I think many of those programs would benefit the well-off who made an investment in themselves, [and who] are earning a high return on that investment,” the former Treasury Secretary (1999-2001) and director of the National Economic Council during President Obama’s first term told Yahoo Finance Live (video above).
“I’m more worried about the Americans who don’t go to college than the Americans who do,” Summers added. “So I worry that, unless it’s done carefully, this could be upwards redistribution of income, rather than downwards redistribution of income.”]
This is what a pile of manure sounds like.