Forgiving Student loans could boost the Economy

   As we are nearing the 2020 Presidential Election, candidates are discussing ways to better the United States. One of the more recent ideas were from Democratic candidates Bernie Sanders and Elizabeth Warren. If either of them were to become president they would want to get rid of the student loans that were taken out by students for college. Elizabeth Warren wants to get rid of "$50,000" of student loans per student and Bernie Sanders wants to forgive all student loans. Although this concept sounds outrageous there might be some benefits to the plan.

   Lawrence Yun from the National Association of Realtor's chief economists even thinks that it would be beneficial to the housing market. Over "1.5 trillion dollars" are locked up in student loans and if some of that burden was gone people would buy homes at a younger age and would be able to spend the money and stimulate the economy. He also said that student loads delay home "ownership by 5 to 7 years". This relief would allow people to go out and buy homes and boost the economy.

   Even after all of the benefits, the plan might still create more debt. But many politicians suggest that they shift the weight of the burden more on the upper class who can afford to pay more taxes. This way the people can get educated and can stimulate the economy without worrying about paying for their college.

   Overall as the next election approaches it is important to consider the new ways that the United States could adjust our economy to better the entire United States. With more consideration and thinking there might be a way for more citizens to become better educated while staying under budget.

Arnold, Chris. “Economists Say Forgiving Student Debt Would Boost Economy.” NPR, NPR, 25 Nov. 2019, www.npr.org/2019/11/25/782070151/forgiving-student-debt-would-boost-economy.