Biden’s Transfer of Wealth to the Wealthier

President Joe Biden acted as if he was being compassionate to people suffering economic hardships when he announced last week his plan for forgiving billions of dollars in student loans.“Using the authority Congress granted the Department of Education, we will forgive $10,000 in outstanding federal student loans,” he said.“In addition, students who come from low-income families which allowed them to qualify to receive a Pell Grant will have their debt reduced $20,000,” he said.“Both of these targeted actions,” he claimed, “are for families who need it the most — working and middle-class people hit especially hard during the pandemic making under $125,000 a year.“What he is actually doing is transferring wealth from people who earn less to people who earn more.As this column noted three weeks ago, Census Bureau data indicates that the more educated a person is the more likely they are to accumulate wealth.In households where the best-educated person had graduated from high school but never attended college, the median wealt …