ANOTHER GIVEAWAY FROM THE SQUAD TO RICH PEOPLE.

Interest holidays and payment suspensions favor borrowers who took out bigger student loans.  Joanne Jacobs posted an instructive chart.

To an extent, the bar chart is misleading, as it makes sense to borrow against your future earnings if you expect to have a lot of earnings.  And perhaps there's only a little value at risk for people who borrowed relatively little money for relatively useless degrees.  Perhaps means-testing makes sense, although waiving loan payments for people who didn't take advantage of the opportunities the loans were supposed to make possible is still a regressive transfer.

Who pays? All of us will be hit by even more inflation. House painters will spend more to fill up their vans and take home less. Baristas with master’s degrees in fine arts will escape the consequences of their folly.

Americans who borrowed as little as possible and paid it back will be chumps.

It used to be that politicians bought votes with sweetheart deals to local contractors, or perhaps with walking around money. These days, the corruption is more subtle.

Student loan pauses and forgiveness are welfare for the middle and upper classes, writes Kristin Tate, a visiting fellow at the Independent Women’s Voice, in a Hill commentary. The latest pause is a pre-midterms giveaway to the Democrats’ voting base, young, liberal and college educated.

And, of course, it's a regressive transfer.  Follow the money.  There are more middle-income and upper-income people than poor people, and the poor, deserving or otherwise, are the window dressing by which the rule-writers and future federal bench appointees of the administrative state, the public health doctors who keep us confined to quarters, and assorted deanlets, deanlings, and assistants-to wet their beaks in the public funds.