Plain English with Derek Thompson Should We Cancel Student Debt?
Jan 28, 2022
Jordan Weissmann, Senior Editor at Slate.com, digs into America's staggering $1.7 trillion student debt crisis. He discusses the emotional and economic toll student loans take on individuals and society at large. The conversation includes robust arguments for and against debt cancellation, highlighting its implications for younger voters and marginalized communities. Weissmann also tackles objections to debt forgiveness and compares the U.S. system to more efficient models abroad, making a case for reforming education financing.
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Calls for Cancellation
- Student debt is a recognized problem, prompting calls for cancellation from some Democrats.
- They argue the President has the authority to forgive debt under the Higher Education Act of 1965.
Unilateral Cancellation Argument
- Some Democrats advocate for complete student debt cancellation through presidential action.
- They claim the Higher Education Act grants this authority without specifying limits.
Emotional and Economic Burden
- Proponents argue student debt cripples a generation and makes accessing the middle class unfairly expensive.
- They claim it's an emotional and economic burden unlike anything faced by prior generations.