Oh come on. Even Democrats aren’t this dumb:
Forgiving the student loan debt of all Americans will have an immediate stimulative effect on our economy. With the stroke of the President’s pen, millions of Americans would suddenly have hundreds, or in some cases, thousands of extra dollars in their pockets each and every month with which to spend on ailing sectors of the economy. As consumer spending increases, businesses will begin to hire, jobs will be created and a new era of innovation, entrepreneurship and prosperity will be ushered in for all. A rising tide does, in fact, lift all boats – forgiving student loan debt, rather than tax cuts for corporations, millionaires and billionaires, has a MUCH greater chance of helping to rise that tide in a MUCH shorter time-frame. The future economic success of this country is wholly dependent upon a well-educated, prosperous middle class. Instead of saddling entire generations with debt from which there is no escape, let’s empower the American people to grow this economy on their own!
Therefore, we, the undersigned, strongly encourage Congress and the President to support H. Res 365, introduced by Rep. Hansen Clarke (D-MI), seeking student loan forgiveness as a means of economic stimulus.
Throw out any conservative ideas you might have about spending, personal responsibility or budget deficits. Let’s tackle this on the liberals’ own terms. As the Freakonomics blog points out, this may be the worst idea ever. It gives tons of money to college grads — a demographic with high income and very low unemployment; it wouldn’t even work in a Keynesian sense; it will not get more people to go to school, and; it creates a new sense of entitlement among college grads.
This isn’t economic policy. This is a bunch of spoiled rotten kids demanding someone pay for their already subsidized education. There’s little question student debt is a pending calamity — it has quintupled over the last decade because of an open-ended commitment by our government to get everyone a college and post-graduate education, whether they need it or not. But this idea, if anything, would make that problem worse (nothing is more expensive than free stuff).
I mean, at least the Democrats want to take the rich and give to the poor. These guys want to take from the rich and give to the … not quite rich yet? I don’t get it.