The point person for overhauling the federal student loan system abruptly resigned after calling for the government to wipe out most student debt. He wants a Senate seat.
The Trump administration’s point person for overhauling the federal student loan system abruptly resigned Thursday after calling for the government to wipe out most of the nation’s $1.6 trillion of student debt.
A. Wayne Johnson — a Republican and former financial services executive whom U.S. Education Secretary Betsy DeVos had appointed to a series of senior roles — said that the federal government needs to wipe out the first $50,000 of debt owed for higher education by some 42 million Americans. That, he said, would jump-start economic growth by eliminating more than $900 billion of federal student loans — and completely erase the debt for the vast majority of borrowers.
“As a banker, you recognize problematic situations and you deal with it through write-offs,” Johnson, who formerly worked at financial companies such as First Data Corp. and Visa Inc. and now is hoping for a Senate seat, said in an interview. “From an economic standpoint, it is absolutely the right thing to do.”
Johnson joins Sens. Elizabeth Warren and Bernie Sanders, both candidates for the Democratic nomination for president, in demanding mass debt forgiveness. The growing movement is fueled by a generation of overburdened Americans who say they paid too much for an education that failed to provide the earnings boost that would justify the cost.Johnson appears to be betting that debt forgiveness will appeal to Republicans too.
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