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Econ paper - Essay Example

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In recent years, student debt has grown, resulting in concerns on the economic risks that are associated with loan defaults and the financial challenges that are faced by the debtors. Educational funding is supported by research that persistently finds positive and increasing…
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Download file to see previous pages... The key reason behind rising student debt is that in the peaceful era, prior to the Great Recession, millions of youthful Americans secured loans to go through university, just to graduate in an economy that did not really need workers any longer. The graduates are thus finding it more difficult to repay their loans than they probably had anticipated (Lankford, 67).
Forgiving the student debt would result in an immediate effect on the economy. Responsible individuals who devoted themselves to pursing a university education would have more extra dollars every month to use and this would fuel the economy presently. The extra dollars being pumped into the economy would result to a multiplying outcome, unlike most of the provisions of the latest incentive package. Consequently, there will be an increase in tax revenue, the credit markets will be active and there will be creation of jobs. Consumers spending accounts for more than two thirds of the whole US economy and in the current months, there has been a decrease in consumer spending at an alarming and extraordinary rate. Thus, it is reasonable to argue that the quickest manner of reviving the ailing economy is to act drastically to get consumers to spend (Lankford, 68).
This proposal would rapidly regenerate the housing market, travel and tourism industry, the automobile industry, durable goods and other numerous sectors of the economy. This is because the individuals who maintain those sectors will have a lot of extra dollars to spend per month. The motivating factor in the economy today is fear. Unless the individuals in the middle class feel comfortable enough that they will have their health insurance, jobs and additional money to use not just the following month, but the month following that, the economy cannot and will not indeed grow fast enough to avoid the bleeding (Lankford, 69).
According to analysts, the student debt loan has a broad economic impact. In a report that was published ...Download file to see next pagesRead More
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