Over the last week, much has been made of President Biden’s new plan to forgive student loans of up to $20,000 for those who qualify.

As with any major governmental action taken in the last twenty years, the reaction of the American public has been polarized. Some hail it as a wonderful act of support for those who are drowning under the burden of debt. Others worry that it will simply increase inflation and shift the burden of the debt to tax payers who are similarly struggling.

Because, in the...