We bailed out undeserving banks. Why not students?
Millennials are being crushed by debt, most of it student debt. The rising cost of college and university is forcing more and more young people to take on more and more debt.
The consequences of this crushing debt burden are severe. An entire generation is being forced to put off home ownership, put off starting a family, and put off major purchases.
Many Millennials are angry and rightfully so. We were given an implied contract: Don’t worry about taking out debt for college and university, once you’re done you’ll get a great job and paying it back will be easy. For far too many people however, that contract has been broken. The debt is massive, but the good job isn’t there. Now, tons of highly overqualified people are working jobs that just barely pay the bills and just barely pay off the debt – or not even that in many cases.
A huge portion of an entire generation is at risk of being trapped financially. Millennials are drowning in debt. It’s time for a rescue.
In 2008, governments around the world gave huge bailouts to the banks. Banks were allowed to escape the consequences of their terrible mistakes – mistakes borne from ignorance and greed. This was done in order to prevent broader societal damage.
Now we face the risk of massive damage to our collective future, with an entire generation facing terrible financial barriers. The banks brought their problems on themselves, but students’ only “crime” was seeking an education they were told was necessary. Students deserve a bailout way more than banks did.
Yes, a student bailout would be expensive. But imagine the massive boost to the economy that would happen once student debt was forgiven. A new housing boom would start, purchases of cars and countless other products would ramp up demand, create jobs, and push the economy forward dramatically.
The initial cost would be made up for and then some by a larger economy and a growing middle class. Combining a student bailout with making college and university free would send an unmistakeable message that education is not a commodity available only for the rich or those willing to shackle themselves with debt, but instead is a right for all.
The Millennial Generation has the potential to revolutionize our world and create a future brighter than most can imagine. But for that to happen, the millions of millennials drowning in debt must be rescued. It’s time for a student bailout.
It’s time to forgive all student debt.
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Photo credit: Donkey Hotey (Flickr) https://creativecommons.org/licenses/by/2.0/