In recent days, political pressure to do something about the $1.5 trillion in student debt owed to the federal government has heightened. An average of about $35,000 is owed by some 43,000 students and their parents. Interestingly, no one seems too concerned about our collective $1.2 trillion in auto debt, where the average loan stands at $32,480 for new vehicles and around $20,000 for used cars, perhaps owed by some of the same struggling people.

To most of us, debt is debt, and paying it off is never easy. But politicians seem to see things differently, especially when it is owed mainly to the federal government and the debt holders can vote. After all, the political reduction of federal debt can be done with a bookkeeping entry. Reducing private debt takes real money.