Fact: “For over 30 years, the rich have gotten richer, the poor have gotten poorer, and the middle class is slowly but surely being squeezed out of existence.” How long can this trend continue, and to what end? Most importantly, what should be done about it?
Hansen Clarke (D-MI) proposes a solution in the form of a bold economic stimulus strategy that directs debt forgiveness to the middle class American (taxpayer) rather than super-rich, corporate elite. H. Res 365 asks congress to bestow their billion dollar charitable bailouts to debt-ridden college students. Reversing a talking point favorite, it’s considered more of a trickle-up approach to fortifying the economy that aims to strengthen the middle class, rather than bring it to its knees.
Once the required amount of signatures are received, the following letter will be forwarded to the US Congress and President Barack Obama:
“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.”
Desperate times call for desperate strategies and all hands on deck to prevent untold societal despair. The trickle-down rationale for the $700 billion federal bailout package (every penny provided for by the American taxpayer) was a long shot with dreadful results including a frivolous spending extravaganza for “needy” billion dollar corporations. HR 365 may have it’s drawbacks too, but with college students accruing record amounts of student loan debt at high interest rates, a radical approach could actually present the solution. It’s time the middle class receive some of the benefits and safeguards that those less in need of it habitually enjoy. And at the end of the day, the nation’s prosperity and that of the middle class are one and the same.
We’re in desperate times folks. Is Rep. Clarke’s H. Res 365 on the money or off the mark? If you’re with the former and would like to sign the petition, click here.