As usual, the policy-making class worries most about the people who most closely resemble it socially and economically. But the report finds that the people coming out of selective schools have an average loan debt at graduation of only $23,000, while their degrees provide an average annual wage premium of $20,000. “For most people who graduate from top-tier schools,” Dynarski writes, “debt is easily managed.”

We have been having a very strange debate about income inequality in the United States for the past several years, one focused almost exclusively on the status of the hated “1 percent” or super-rich segments within it. From an economic point of view, this is deeply stupid: If Lloyd Blankfein takes a $100,000-a-year pay cut next year, that isn’t going to translate into two $50,000-a-year jobs at P.S. 154 in the Bronx. But from a political point of view, concentrating on the 1 percent makes a great deal of sense to progressives: It is not, after all, conservative-dominated institutions run by Republican-affiliated unions that have failed the poor, the black, and the brown in practically every city in the United States.

The Left’s answer to the challenge of targeting our expenditures toward those Americans who most need them is to subsidize another round of loans, which will pass through Little Moonbeam on their way to her $150,000-a-year women’s-studies professor and the university’s $800,000-a-year president. That’ll show those rich people!