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Since taking office, President Biden has adopted a policy of ineptly mopping the floor while forgetting to turn off the faucet that created the mess. Biden’s foolish attempt to address college costs through a student loan bailout will only exacerbate the issues that created the growth in student debt.
For decades, state and federal governments have provided trillions of dollars to students to pay for school believing college access was the key to economic success. But rather than improving access and affordability, taxpayers have subsidized a spending race in pursuit of prestige that has made college less affordable and less accessible.
President Biden announces his student debt package at the White House on Aug. 24, 2022. (Bonnie Cash/UPI/Bloomberg via Getty Images)
Schools have gotten a free pass to inflate their prices, hiding behind debunked claims of declining state support. While schools talk up their contribution to affordability by touting generous “institutional aid,” far too often it’s more like a coupon for the financially secure who are unwilling to enroll without it than a scholarship for needy students. The result is a squeezing of middle-class families’ pocketbooks and increasing debt to pay for