Why restricting graduate loans will bankrupt America’s talent supply chain

Federal Reserve Chair Jerome Powell said at his December 10 press conference that the U.S. labor market is becoming increasingly K-shaped: growth, opportunity, and resilience accrue to those with assets, while everyone else absorbs volatility.

What’s becoming clear is that this divide is no longer confined to the labor market. It’s now embedded in its foundation: education.

When access to advanced degrees depends not on ability or workforce demand, but on whether a household can absorb six figures of upfront cost...