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Student Debt Persuasive Essay

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Currently, the U.S. has accumulated roughly one trillion dollars worth of debt from student loans. (cite) But, what if student debt was forgiven overnight? Now if student debt was eliminated all at once it would be an enormous expense for private lenders and the federal government. Yet, people continually suggest the dissolution of student loans with a one-time payment plan from the government. This notion seems politically appealing for those on the left wing side of the argument, but overall no one wants to accumulate debt. Many of the young progressive college students and graduates would love for their student debt to dissipate. Student debt has become a crushing and often unavoidable generational crisis. But why not just forgive all that…show more content…
Many would argue that by relieving debt from students, it would act as an economic stimulus. Students unburdened by their financial load are likely to pour their money right back into the economy by purchasing goods or services. As Webly mentions, "college graduates are the type of people society needs to do things like start businesses, buy homes and cars, invent things, and make babies" (130). Their extra cash would flow back into the economy increasing revenue, creating new jobs and businesses that would lead to a growing financial system. But this solution causes disillusionment, a one-time payout from the government will not solve the economic crisis like it promises. It is unlikely that after being in outstanding debt a student would jump right into more debt by purchasing a car or home. The claim that absolving student debt will “stimulate the economy” is doubtful and unproven. The economy is a complex system and a balance between buyers and sellers. It is not a government controlled machine that can be manipulated at any time to produce the exact reaction it requires. It can not be cheated by throwing money at consumers in expectation of growth in the economy. Productivity can only be increased, to expand the economy, over time through innovation and
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