Cancel student loans. Bail out ordinary people. – scheerpost.com
Even writing off every penny of student debt would cost less than Trump’s tax breaks for corporations and the wealthy.
I borrowed money to pay for college. Like 45 million other Americans who have done the same, I have student loan debt.
My generation was sold a pipe dream about what college could mean for our future. I wanted this dream to come true so badly that I jumped at the chance to take out a loan.
What I didn’t know at the time was how much the cost of higher education was skyrocketing — and that colleges were raising prices to take advantage of the federal government’s willingness to help poor, low-income students like me cover tuition.
I remember talking to my college counselor about paying $240 a year to go to one of the top universities in my home state. Since my advisor went to college, inflation has gone up 645 percent. Meanwhile, tuition at the college she attended has increased by 11,820 percent.
If you ask previous generations how they paid for college, they’ll say things like, “I got a part-time job after school.” Yes, I did that too. Do you know what the money went for? Rent, gas and bills. My job at McDonald’s was barely enough to keep me afloat, let alone my tuition and other expenses.
It was either taking out a student loan or dropping out of college. I have decided not to get out.
I graduated and eventually got a job in my field. But with the rising cost of housing and everything else, that loan debt, already inflated by skyrocketing college costs, now feels stifling. It prevents me from qualifying for a good mortgage loan and makes me wonder if I can afford to have children.
My loan is a tiny fraction of the national student loan debt. The debt of $1.7 trillion in student loan borrowers is a massive political problem that affects everything from housing to the job market to pensions and more.
Therefore, there is a growing movement calling on the federal government to forgive some or all of this debt.
If the federal government canceled $50,000 worth of student loans, they would back down 36 million borrowers a new way of life. It could enable them to buy a home, start a family, or start a business.
I know that canceling up to $50,000 worth of student loan debt sounds like a radical idea. It is not.
If you will remember, former President Donald Trump and the Republican Party passed one $1.9 trillionHigh-end tax cut in 2017 dubbed “socialism for the rich.” It led to Billionaires pay a lower average tax rate than the working class for the first time in US history and is directly responsible for the collapse in corporate tax revenues near record lows.
That sounds much more radical to me than helping normal people. Even writing off every penny of student debt would cost less than Trump’s tax cuts on corporations and the wealthy.
President Biden has expressed an interest in forgiving some student loan debt, though he has indicated he may not cancel more than $10,000.
I would welcome any amount taken off my credit. But I fear if Biden canceled just $10,000, he would miss a tremendous opportunity to improve the lives of millions of people and give the economy a much-needed shot in the arm.
The precedent is there. The US has one long history of economic rescue from 1792.
More importantly, student debt relief is broad public supportincluding under People without a college degree and without student loan debtas well as Young people.
It’s time for the federal government to save the people. It’s time to cancel student loans.
Robert P. Alvarez is a media relations associate at the Institute for Policy Studies. This comment was distributed by OtherWords.org.