From Sen. Elizabeth Warren to Rep. Alexandria Ocasio-Cortez, some of the most prominent progressive politicians in the country are pushing hard for widespread student debt cancelation. So, it's fascinating to see a new study show that forcing taxpayers to pay down the roughly $1.5 trillion in government-held student debt is not a "progressive" policy by any stretch.
Note that just one in three American adults over age 25 actually has a bachelor's degree. This population, naturally, holds almost all student debt. Yet college graduates typically make 85 percent more than those with only a high school diploma and earn roughly $1 million more over a lifetime.
So any government policy that forces taxpayers to pay off loans held by a relatively well-off slice of society is actually regressive, meaning it disproportionately helps the wealthy. You don't have to take my word for it—this is the finding of a new University of Chicago study.