Eliminating All Student Debt Isn’t Progressive. It would be a giant welfare program for the upper middle class.

Liberal establishment New York Times columnist David Leonhardt reports:

The fatal flaw of universal student-debt cancellation is that it’s not, in fact, progressive. It mostly benefits the upper middle class. “Education debt,” as Sandy Baum and Victoria Lee of the Urban Institute have written, “is disproportionately concentrated among the well-off.” The highest-earning quarter of the population holds about half of all student debt, according to Baum and Lee. Which means that universal student debt cancellation would be a giant welfare program for the bourgeoisie.

An article worth your time.