Senator Elizabeth Warren, D-Massachusetts, claims that the Department of Education has broad legal authority to cancel debt. I suppose that sounds good to the millions of Americans with a boatload of school debt, but I doubt it is so appealing to taxpayers who have paid off their school loans and are now working and paying taxes to fund such a department.
I understand that printing numbers on special paper and calling it “money” is one of Washington’s special skills but to consider wiping out the school loans owed to government is truly extra-special. Perhaps the school that received the money should give it back and clear the loan? If that proves to be a bridge too far for the bean counters to undertake, by all means go ahead and forgive the loans and then close the federal Department of Education once and for all, as would occur with any failed bank with such a poor record of performance.
But, before you do, please be sure to send me a check for the thousands that I borrowed for school loans; and paid back.