This segment of What's Ahead walks us through how damaging President Biden's cancelation of student loans will be for the economy, higher education and, indeed, the social fabric of our society.
Biden did it to buy votes for the November elections, but the ramifications go way beyond such a cynical, short-term ploy.
Costs will be significantly higher than the $500 billion number currently bandied about, which will intensify the strain on Uncle Sam's already frazzled finances.
The move will lead to higher tuition costs and fees.
Most ominously, it will ultimately lead to a de facto federal takeover of colleges and universities. The government won't own them, but the very survival of most will depend on the goodwill of Washington politicians and bureaucrats.