So who was losing 20 years ago when you could pay for school with a summer job?

You're begging the question. I don't follow the assumption that anyone's interests have less societal benefit. Let's go with one example, taxpayers bail out student debt in tandem with some legislation that prevents moral hazard from being an issue. If that bailout prevents value destruction through economic collapse, or frees graduates to pursue vocations appropriate for their degree that could generate larger economic returns in the long run, there you have a rising tide lifting all boats. That scenario is loaded with assumptions, but my only aim is to open your mind to the possibility of a net win, not to describe an implementation.

And for the record, I get the feeling you've assumed that I support debt forgiveness. I don't, and the moral hazard involved does bother me. But I won't let that stop me from considering strong arguments in favor of it.