After the housing bubble burst, the Obama administration pandered to people who had imprudently borrowed to buy houses. And now that we have a similar phenomenon, with huge numbers of college students who have borrowed far too much for an “education” that often leaves them with no job prospects better than high school kids, they’re at it again. Hans Bader of Competitive Enterprise Institute explains in this piece how the “Pay As You Earn” program benefits a few at the expense of the rest of the country.

Especially galling is the way law schools can take advantage of this to lure in students who will get their JDs at little or no cost, as long as they go into government work or “public interest law” afterwards.