Oregon Sens. Ron Wyden and Jeff Merkley are backing a plan to cancel up to $50,000 for federal student loan borrowers.

“It’s ridiculous that so many students are forced to take on back-breaking amounts of debt to go to school — especially as the coronavirus continues to upend our economy,” Merkley said in a statement. “It’s time to cancel student loan debts so we can free up Americans burdened by student debt to chase their dreams, contribute to their communities, and help us pave the way to economic recovery.”

The idea supported by Democrats is also to eliminate any tax liability from having the debt wiped out.

People who are low income or who are racial minorities would certainly benefit, but the benefit would accrue mostly to wealthier families. They hold most of the federal education debt. A simple policy of eliminating $50,000 in federal student loan debt would be a regressive policy, not a progressive one. It would be a policy that would give more benefits to people who need it less.

Wyden and Merkley say they want to ensure that debt cancellation “helps close racial wealth gaps and avoids the bulk of federal student debt cancellation benefits accruing to the wealthiest borrowers.”

OK, how is that going to be done? By race? By race and income? And is this only a one-time deal or can colleges start escalating their costs and advertising: Don’t worry, your first $50,000 in college debt is now free.