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We Must Cancel Everyone’s Student Debt, for the Economy’s Sake

By Daily Intelligencer

For the price of Trump’s tax cuts, the government could wipe out all student debt — and increase economic growth by $860 billionRead full story

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  • The problem here is a psychological one: How do you get people to agree to something that so radically departs from any conventional notion of fair? Two words: National Service. We will happily forgive your loans, if you agree to work for the public good for two years.

    It is a steal of a deal (you’d

    The problem here is a psychological one: How do you get people to agree to something that so radically departs from any conventional notion of fair? Two words: National Service. We will happily forgive your loans, if you agree to work for the public good for two years.

    It is a steal of a deal (you’d have to work a lot longer in the private market), benefits corporations who would get candidates with more practical experience, and I’m pretty sure we can find something to do with a bunch of college-educated labor. Gift it all to education and watch is reverse declines. Healthcare? Solved. Pick your issue.

  • Erasing the current debt-load would remove a great weight on the spending power of young adults. However I don’t think that action alone will solve the root issue causing ever-rising student debt. One part of this issue that no one seems to question is - are we ever going to pump the brakes on the rising

    Erasing the current debt-load would remove a great weight on the spending power of young adults. However I don’t think that action alone will solve the root issue causing ever-rising student debt. One part of this issue that no one seems to question is - are we ever going to pump the brakes on the rising cost of higher education?

    What we really need to understand, and curtail, is the root cause of the rising cost of education. I agree with the quote in this article about a rat race of credentialization that stems from the extreme over-supply of white collar job applicants. Does someone really need a 4-year degree to scan files and enter technical data on a computer? Are unrealistic job qualifications harmful to the job market if they’re systemic? I think if we begin to question the status quo in America’s recruiting offices today, we’ll find an interesting connection to the story of student debt.

  • This would do wonders for American competitiveness. But then extend it to free tuition at all public colleges and universities. This might result In fewer new student centers with rock climbing walls, but private colleges were competitive back when public higher education was free

  • The recent GOP tax cuts are based on the repeatedly unproven theory of trickle down economics (more money at the top means more money to invest, creating more jobs for the middle and bottom). Sounds nice, right?

    Turns out that when people have a bunch of extra money from tax cuts, they just keep it

    The recent GOP tax cuts are based on the repeatedly unproven theory of trickle down economics (more money at the top means more money to invest, creating more jobs for the middle and bottom). Sounds nice, right?

    Turns out that when people have a bunch of extra money from tax cuts, they just keep it. Or if they are a corporation, they buy back their own stock.

    The benefits of wiping away student debt is much more immediate and clear than the murky moral haze of trickle down economics.

    Students pay back their loans by giving a percentage of their monthly income to pay down debt—limiting their spending power. No debt, more money in their pockets to spend. Simple as that.

  • A smart idea, moralists be damned.

  • I love this idea!

  • While in theory this has its appeal, this would subsidized the overpriced and Loftin mediocre universities that cause students to take loans in the first place. Higher education is an industry in which cost and quality largely disconnected.

  • This is a very interesting idea which I am sure most of us can get behind

  • In the right direction...

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