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Obama and other statists are proposing extra subsidies to student loan borrowers. As Megan McArdle points out, the proposed breaks are questionable public policy at best: “It’s good to remember, as we discuss these plans, that people with college degrees are the best-off people in the U.S. They are a cognitive elite with substantially more earning power than almost anyone else….” These borrowers are highly visible, of course, so political opportunists like Obama and Elizabeth Warren can’t resist such proposals.