Michigan rep. introduces a stimulus bill for the rest of us: the Student Loan Forgiveness Act of 2012
Back in 2007, as I was thinking about my little Dr. Sammy in 2008/EdF1rst project, I conceived a heresy. It went like this: What would happen if, as a massive economic stimulus, you forgave all outstanding student loan debt in America?
I knew from experience the impact that loan debt has on consumer spending. You have, at this point, a couple of generations who can’t afford to spend (or save) in service to the debt racked up getting their degrees (degrees, which, by the way, didn’t position them to pay off that debt in anything like a timely manner). My generation is and will continue to be underwater. The Millennials are well and truly fucked in ways that us Xers couldn’t have imagined in the 1980s. Read more