Michael Bloomberg’s Student Loan Plan is Not Good Enough

These days, the threat of the student loan crisis looms so large that anyone moderately involved in politics is aware of it. Total student debt in the United States is $1.6 trillion according to CNN in January of 2020. This surpasses automotive debt and credit card debt in the U.S. Worse, student loan debt is more difficult to discharge in bankruptcy filings than other forms of debt, meaning that you can literally go bankrupt and still be expected to pay your student loans.

It is for good reason, then, that the 2020 Democratic field writ large has vowed to take on the student loan crisis. Bernie Sanders promises to make tuition free and to cancel all student loan debt. Elizabeth Warren has offered a similar plan. Amy Klobuchar and Pete Buttigieg have distanced themselves from the comprehensive solutions provided by Sanders and Warren, but have offered support for more moderate proposals aiming to help low-income individuals gain education, skills, or training.

Rising democratic contender Michael Bloomberg, however, did not have an official policy until February of 2020. Newly released, his plan would cost $700 billion and offers to make community college free and increase Pell grants for low income students. Unfortunately, this plan is nothing more than lip-service to the true progressives in the race. The central thesis…