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.
The current student loan practices trick students into taking out hefty loans for degrees that will prevent them from paying back their loans. In essence it enslaves students into a form of indentured servitude that they may never be able to free themselves from.