Student debt cancellation, subway surfing, Letters

Blank check President Biden's cancellation of more student loans is a textbook example of moral hazard ("Student debt racket," Feb. 23). Risk-takers enjoy benefits when their decisions turn out well for them; somebody else pays the price if undesirable outcomes occur. Student-loan recipients enjoy the benefits of higher incomes if college helps their careers, but taxpayers are on the hook when loans aren't repaid or canceled due to low post-college earnings. This results in inefficient use of resources as too many people go to college and too many students major in subjects that have low earnings. This creates a palpable…