Can Forgiving Student Debt Help Fix the Economy?
An online petition asking for a one-time bailout of student loan debt has gathered 670,000 signatures. But is it a realistic way to help the economy while preserving the notion of fairness?
What's the Latest Development?
Faced with $88,000 of debt incurred through student loans, Robert Applebaum started a petition in 2009 that asks for a one-time bailout of American student loan debt—currently valued at $1 trillion—as a way to stimulate the struggling 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," Applebaum writes in the petition. Since 2009, the Occupy Movements have gotten strongly behind Applebaum's message.
What's the Big Idea?
Because student loans are not erased by declaring bankruptcy, banks have little incentive to screen candidates according to whether or not they can pay the loans back. Meanwhile, universities have little incentive to curtail tuition increases, which are occurring at twice the rate of inflation, because they know students will be given generous loans. "Perhaps the biggest roadblock to Applebaum’s plan is that a one-time bailout is a temporary fix to an on-going problem. What’s really needed is a long look at how higher education in the U.S. is financed."
Photo credit: Shutterstock.com
Swipe right to make the connections that could change your career.
Swipe right. Match. Meet over coffee or set up a call.
No, we aren't talking about Tinder. Introducing Shapr, a free app that helps people with synergistic professional goals and skill sets easily meet and collaborate.
Even some teachers suffer from anxiety about math.
I teach people how to teach math, and I've been working in this field for 30 years. Across those decades, I've met many people who suffer from varying degrees of math trauma – a form of debilitating mental shutdown when it comes to doing mathematics.
She met mere mortals with and without the Vatican's approval.
- For centuries, the Virgin Mary has appeared to the faithful, requesting devotion and promising comfort.
- These maps show the geography of Marian apparitions – the handful approved by the Vatican, and many others.
- Historically, Europe is where most apparitions have been reported, but the U.S. is pretty fertile ground too.
The legacy of Felix Dzerzhinsky, who led Soviet secret police in the "Red Terror," still confounds Russia.
- Felix Dzerzhinsky led the Cheka, Soviet Union's first secret police.
- The Cheka was infamous for executing thousands during the Red Terror of 1918.
- The Cheka later became the KGB, the spy organization where Russia's President Putin served for years.
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.