There’s a new proposal in Congress that would dramatically trim down many American students’ bills: forgiving all student loans. A petition on SignOn.org needs 200,000 signatures in order to be delivered to the House of Representatives. As of writing, there are 198,534 signatures so it looks like this is actually going to make some progress.
So what would actually happen according to the petition? The details are laid out below:
Forgiving the student loan debt of all Americans will have an immediate stimulative effect on our economy. With the stroke of the President’s pen, millions of Americans would suddenly have hundreds, or in some cases, thousands of extra dollars in their pockets each and every month with which to spend on ailing sectors of the economy. As consumer spending increases, businesses will begin to hire, jobs will be created and a new era of innovation, entrepreneurship and prosperity will be ushered in for all. A rising tide does, in fact, lift all boats – forgiving student loan debt, rather than tax cuts for corporations, millionaires and billionaires, has a MUCH greater chance of helping to rise that tide in a MUCH shorter time-frame. The future economic success of this country is wholly dependent upon a well-educated, prosperous middle class. Instead of saddling entire generations with debt from which there is no escape, let’s empower the American people to grow this economy on their own!Therefore, we, the undersigned, strongly encourage Congress and the President to support H. Res 365, introduced by Rep. Hansen Clarke (D-MI), seeking student loan forgiveness as a means of economic stimulus.
For over 30 years, the rich have gotten richer, the poor have gotten poorer, and the middle class is slowly but surely being squeezed out of existence. Instead of more of the same corporate welfare/”trickle-down” economics that have been an abysmal failure for the middle class, why not try a trickle-up approach to rebuilding our economy by targeting relief at those most likely to actually help grow the economy?
Want to sign the petition? Click here to view it.
Do you think this is a good idea? Should student loans be forgiven? Would this benefit certain students more than others? Does that even matter? Weigh in on the Edudemic Facebook page and I look forward to hearing your thoughts!