Yesterday, I read a NYT opinion piece on the potential elimination of student debt. The author, David Leonhardt, argued that the proposal to eliminate all U.S. student debt would not be progressive, but would benefit mostly the upper middle class (who, according to some calculations, holds the majority of student debt). Leonhardt asserts that student debt is a real problem, but believes a debt-forgiveness program for families below a certain income threshold is a better solution. To forgive the debt of upper class families would “conflate the real struggles of poor and working-class young adults with the mild discomforts of the professional class.”
While erasing debt is an alluring idea – especially for students and young adults currently paying off their student loans – it does not seem feasible. One has to wonder where the money would come from. Millions of dollars in debt cannot simply disappear – how would this affect the economy? Before the U.S. can seriously consider erasing student debt, more plans need to be made to ensure that this is attainable.