Steve Penfield is the author of Student Debt Cancellation: A Good Idea and a Political Hoax. In it he argues against standard left vs. right, Democrat vs. Republican arguments—and offers this key insight:
“An inescapable consequence to any responsible Debt Forgiveness plan is that someone will have to pay. As Michael Hudson says: ‘You can’t bail out the banks, leave the debts in place, and rescue the economy. It’s a zero-sum game. Somebody has to lose.’”
So who should lose? Steve argues that Bernie Sanders and Elizabeth Warren should abandon their plan to foist the cost of student debt forgiveness onto the taxpayers; instead, he argues, colleges and universities that have profited from the loans—and above all, the banks—should share the cost.
We also discuss what Steve calls the problem of “subsidized religion.”