Want a Real Economic Stimulus and Jobs Plan? Forgive Student Loan Debt!
By Robert Applebaum (Contact), Signon.org,
http://signon.org/sign/want-a-real-economic?source=mo&id=32074-19887991-OSvR0Vx
To be delivered to: The United States House of Representatives, The United States Senate and President Barack Obama
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?
Aprill Seekkamp
October 18, 2011
My student loan was originally $20k. Because of accrued interest, it is now somewhere around $150k. The interest rate is 9.99%. I would like to know when in the history of banking has anyone been able to earn 9.99% on a certificate of deposit or a money market account? The answer is never. Why does our government allow banks to charge such high interest rates on student loans? Seems like usury to me.
As it stands now, I will never be out from under this mountainous pile of debt. The icing on the cake is that despite the fact that I went to college, even graduated w/honors, I now have a part-time job that pays me $12 per hour. Good thing I went to college…it really paid off for me.
Forgive ALL student loan debt. That should have been part of the TARP program, if the taxpayers bail the banks out, all student loan debt would have to be forgiven, however, I believe it would be up to the government to forgive the debt since they guarantee all student loans. So what do you say US government? Do you stay on this treasonous path of representing banks and other special interests or do you help the American people for a change
Phoenix Rising
October 18, 2011
@Aprill, I am usually not one for signing petitions to Washington DC, but after reading your post, I signed this one. It’s outrageous that we continue to tolerate the student loan industrial complex debt slavery. Bless you on your path, and may everything work out for you and others in your situation. I’m encouraging others who read this to also sign the petition.
Julie
December 11, 2011
April, I am in the same boat. I borrowed $19k @ 9% fixed interest after consolidation. I can not reconsolidate, obviously can’t bankrupt it…and it is the only debt I have. I rent an apartment and I own an old car outright. I still have fantastic credit b/c I haven’t defaulted yet, but this debt is compounding at such an unbelievably fast pace, I have no hope of paying it off. Now, they want me to pay back $82k on that loan. I guess they can take my soc security. I won’t be buying a home….and if they want to take my ’01 car, those bastards can have at it!
Loan sharks! I wish I had never stepped foot on a college campus…unless you’re parents are paying, or you’re able to pay cash as you go, it’s a bad investment.
Had I not gone to school but decided I “needed” a $600k home and an $80k vehicle that I couldn’t afford, I could file bankruptcy and be forgiven after 7-10 yrs. But because I chose to go to school instead, I get no relief. It’s total bullshit. Thank god our tax dollars bailed out the big corps and allowed the CEOs to continue to rake in millions in bonuses…this country is so screwed up. I’m dropping out of the system.
Julie
December 11, 2011
oops…your, not you’re (hate that) lol
In addition: The only way something will change is if enough of a percentage default…and Sallie Mae can kiss my ass!
I heard somewhere along the way that children of members of Congress can go to college for free (and they aren’t attending the cheap/public state universities like I did. They are allowed to get a free education b/c of their parent’s “public service”. I don’t know if it’s true, but it definitely sounds like a bill they would pass to help themselves!!!!
This student loan mess will just force millions of us (who have committed no crime) to live under the table and work for cash…nice country we live in.
texican
June 20, 2012
April, back in the Jimmy Carter days (yes, I know, you probably weren’t born yet) interest on CD’s made it almost to 18%.
I made it through six years of college, with no debt. I didn’t live in a fancy apartment, I never ate out, I lived frugally, working during summers and on campus during school.
I always feel sorry for graduates that were forced to go to expensive colleges, live extravagant lifestyles, and get degrees in Portuguese Lesbian Poet studies (or, pretty much any liberal arts degree, but you get the point). Now you want to walk away from your debts? Sorry, why should I subsidize what was in all likelihood, a much more ‘fun’ college experience? You and others ‘chose’ wrong… the wrong degrees… and now you want someone else to bail you out…