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Katrina vanden Heuvel — Americans are drowning in student-loan debt. The U.S. should forgive all of it.

Summary:
I'll break a self-imposed rule and link to the WaPo for this. The debt burdens not only the debtors but also the entire economy by dampening consumer demand. The federal government guarantees more than 90 percent of all outstanding student debt. A recent paper by Scott Fullwiler, Stephanie Kelton, Catherine Ruetschlin and Marshall Steinbaum of the Levy Economics Institute found that if the government canceled the debt it owns and bought out the remaining private creditors, it would increase gross domestic product by between billion and 8 billion per year over the next decade, adding between 1.2 million and 1.5 million jobs.More importantly, if combined with making all public universities tuition-free, this country would ensure that no young person is condemned to debt for

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I'll break a self-imposed rule and link to the WaPo for this.
The debt burdens not only the debtors but also the entire economy by dampening consumer demand. The federal government guarantees more than 90 percent of all outstanding student debt. A recent paper by Scott Fullwiler, Stephanie Kelton, Catherine Ruetschlin and Marshall Steinbaum of the Levy Economics Institute found that if the government canceled the debt it owns and bought out the remaining private creditors, it would increase gross domestic product by between $86 billion and $108 billion per year over the next decade, adding between 1.2 million and 1.5 million jobs.

More importantly, if combined with making all public universities tuition-free, this country would ensure that no young person is condemned to debt for pursuing the higher education or technical training that virtually everyone agrees is vital to this nation’s future....
The Washington Post
Americans are drowning in student-loan debt. The U.S. should forgive all of it.
Katrina vanden Heuvel | editor and publisher of The Nation

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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