Idiotic Incentives

President Obama‚Äôs decision to give student loan borrowers the option of limiting loan payments to 10% of their income and to forgive all balances after 20 years — 10 years if the borrower works for government — is harmful. It not only encourages government employment, but it spurs colleges to build increasingly fancy buildings to lure students since borrowers know they will never have to pay off their huge debts.

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