President Joe Biden is going to spend several hundred billion dollars to cancel the debts of millions of college students. This big outlay will probably bolster his standing among graduates in the up-to-$125,000-a-year salary range who populate the deep-blue voting grounds of urban America.

Perhaps the next administration will try to fix the problem with America’s higher education.

Eduardo Porter is a Bloomberg Opinion columnist covering Latin America, US economic policy and immigration. He is the author of “American Poison: How Racial Hostility Destroyed Our Promise” and “The Price of Everything: Finding Method in the Madness of What Things Cost.”