The Biden administration’s decision to extend until at least May 1 the moratorium on student loan payments is not justifiable.
The job market is strong, as evidenced by a national unemployment rate of 3.9%. Employers are begging for workers and paying higher wages to try to attract them. Anyone who is currently unemployed, former college students or not, is either not trying very hard or being too choosy.
When the COVID-19 pandemic first hit and jobless rates skyrocketed, there was a reason to provide some extra time on taxpayer-backed student loans. That time is past.
People need to get back to being responsible for their debts. The longer the government artificially delays the transition, the harder it will be to wean debtors off their unhealthy and expensive dependence on Washington’s intervention.
- The Greenwood Commonwealth
