The Self-Serving Policy Proposal Prize
We need a prize for the most self-serving proposal. A lawyer with large student loans has assembled a large group of friends on Facebook with the proposal “Cancel Student Debt to Stimulate the Economy.”
Ignoring the fact that this might reduce rather than increase the fiscal stimulus, it would reduce the burden on people who, if they attended public universities, have already received a large subsidy from the average taxpayer in the form of tuition far below the average cost of their education.
Moreover, given the high rate of return to human capital accumulated in the form of college education, the Facebook friends are soon likely to be at least in the upper quartile of the income distribution. This is a proposal that is one of the most regressive I have ever seen.