Recently I had dinner with some friends who were arguing for forgiving college student debt in the U.S. Their argument goes roughly as follows:
To pay college costs — in some cases over $60,000 per year — young people and their families can go deeply into debt, often for many years. Many are never able to get out from under that debt burden, and so their chances for economic advancement remain permanently crippled.
It’s not as though they have much of a choice. In the U.S. one’s chances for professional success are very low if one does not have a college degree.
My friends argue that the increased short term tax burden to pay off those loans would be more than offset within just a few years by the more robust economy that would result.
This is a powerful argument. Yet there are aspects to our nation’s state of economic disparity that resist straightforward rational discussion. But I can try anyway.
More tomorrow.