You may have read US Person referring to Bidens modest educational loan forgiveness of $20,000 as "chump change". Coal baron "Dirty Joe Manchin called it "excessive". The only thing excessive is Joe's reliance on his rich oil industry supporters. Here is the chart:
The chart from Pew Research shows that Uber-rich are taking an increasing share of US income. From 1970 to 2018, the median middle-class income increased from $58,100 to $86,600, a gain of 49%.This was considerably less than the 64% increase for upper-income households. The richest of the rich have had their wealth increase the most, clocking a 3.2% growth rate annually from 1981 to 1990, while the lowest quintile of earners saw their incomes fall by 0.1 annually. Wealth in this country is clearly being
redistributed to the already wealthy:
So if this wealthy country can afford to spend $92 billion on going back to the moon, and $54 billion in aid to Ukraine, it can afford to forgive more than a mere $20,000 in education loans. After all, what is wrong with an educated proletariat?
