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What if the United States decided to cancel all student debt?
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What would happen if the United States decided to cancel all student debt? A Bard College economics research team (Scott Fullwiler, Stephanie Kelton, Catherine Ruetschlin, and Marshall Steinbaum) decided to explore what such a bold near-term future could look like in “The Macroeconomic Effects of Student Debt Cancellation” (pdf). Their research is detailed, relying on several powerful macroeconomic models and a good amount of data. The tl;dr result? It’s a good idea for the country, for debtholders and non- alike. “Student debt cancellation results in positive macroeconomic feedback effects as average households’ net worth and disposable income increase, driving new...