Tuesday, November 15, 2011

Here's a demand: forgive student loan debt | Robert Applebaum

that the U.S. student loan debt is almost $ 1 trillion, it is time that banks have stolen the future of these young people to do the right thing

Occupy

Wall Street protest enters its third consecutive week in New York and is spreading throughout the country, what is clear is that "other 99%" - as opposed to super 1% most rich who have been spoiled by decades under the premise of the non-economic to reduce their tax returns and provides a number of tax shelters, loopholes and breaks another "trickle down" to the masses - - they are just tired of the situation today. For what they are doing the only thing they can to make their voices heard.

The Dodd-Frank Wall Street Reform Act was far short of the practices and behaviors that lead to the collapse of the global economy. Companies are sitting on record levels of money, but to refuse to hire. Personal debts, including mortgages, credit cards, and especially student debt has reached astronomical levels. All this is true, however, Washington, DC and Wall Street bankers seem deaf to the needs of the population.

For two and a half years I have advocated a new way to stimulate economic growth from the bottom - a "Trickle Up" to rebuild the economy that reflects the realities of 21 century through the countryside to Debt forgiveness for student loans. The argument is simple: debt relief for middle-class education to enable them to start spending money on sick sectors of the economy, the creation of businesses and families, and the purchase of a house - that is, the "American dream" that seems increasingly out of reach with each passing day.

For the first time in history, total debt loan student debt recently surpassed credit card total in the U.S.: students and alumni and needs about $ 946bn of debt student loans, with no signs of slowing the accumulation. In fact, it is expected that over $ 1 billion this year. Student loans have been stripped of almost all basic consumer protections than any other type of debt, including bankruptcy protection and the limitation period. So while you can have your visit, credit cards, mortgages and even

game

debts discharged or reorganized in bankruptcy court, student debt is with you for life - and sometimes beyond.

If education is the "great equalizer" that has always boasted of being, so why have more than 432,000 people signed a petition calling for the cancellation of student loans as a means of recovery economy? In two and half years, I worked on this issue, I have not found one person who does not

want
to pay what that he actually delivered (instead of three, four or five times the amount borrowed), but simply can not afford to do

over 30 years, the rich got richer, the poor have become poorer and the middle class was almost driven out of existence. Forgive student debt would not only provide an economic stimulus steadily over the next 20-30 years by allowing Americans trained to use the money productively - instead of having to spend to pay several times the amount borrowed to get a degree that no longer has the same value as before. Not only is the economy grows, but also serve to reaffirm that education is really worth.


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