“The wicked borrows and does not pay back.” Psalm 37:21(a) (NASB).

My name is Abraham Hamilton, III and this is The Hamilton Minute.

Mr. Robinette announced his administration’s plan to “cancel”  $10,000 of student loan debt for borrowers with individual incomes under $125,000. Pell Grant recipients get up to $20,000 in “cancellation.”

There’s about $1.6 trillion in American student loan debt. 50% of it is carried by people who borrowed money to finance graduate school, medical school, law school and PhD studies. The other half is owed by people who financed two-year and 4-year degrees… which likely includes later post-graduate students.

You can’t disappear debt. It isn’t being cancelled. It’s being re-apportioned. The American taxpayer pays for PhDs we didn’t sign up for.