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I’m in favor of President Joe Biden’s student loan forgiveness plan. In the last 20 years, we have forgiven and bailed out the banks to the tune of billions of dollars. We’ve given many billions of dollars in tax breaks for the super wealthy and multinational corporations. Much of that money was “supposed” to stimulate the economy, but instead, much of it went into buying back their own stocks or went into more money to move manufacturing from the U.S. to other countries.
At least if these student loans are forgiven, the recipients of this loan forgiveness plan will be spending that money here and buying consumer products, investing in property and homes, etc.
In other words it will be in circulation, with the added bonus of having a better educated population.
I know there are many who resent this package. Those who have paid off their debt resent it deeply. But, unfortunately, there is nothing that can be done about that. Just like those unfortunates who contracted smallpox or polio, then vaccines became available. I wonder if they resented that their children didn’t have to go through what they did.
Thomas Bonner
Holden
