Sutter argues: “Forgiving these loans will not boost the economy. Cancellation would prevent lenders from spending the loan payments and not increase spending overall. The U.S. Treasury can assume the loans to make the lenders whole, but this merely burdens our economy with greater national debt. Prosperity results from voluntary exchange and value creation, not spending.”

Sutter’s argument overlooks the thousands of recent college graduates who have had their career plans dashed or delayed by crushing student debt — which many took on with the belief it would open opportunities. Instead, after graduation, students cannot contribute to the economy because they are crippled by debt. 

The Koch brothers are doubling down on their efforts to end federal support of student loans. Generation Opportunity, the Kochs’ millennial outreach front, argues that efforts to keep student loans affordable are just “government meddling.” However, their transparent schemes to eliminate government-funded programs would actually do little to alleviate the student debt crisis.