Even as getting millions more Americans into college has had tremendous social value, this metastasizing debt crisis has had tremendous social costs. An entire generation has been set back: Millennials are on track to be the first generation in modern history to end up poorer than their parents. Student loans are delaying retirements. Theyre suppressing the housing market. Theyre suffocating new business formation. Theyre even leading young people to delay getting married and having children.
Derek Thompson: The scariest student loan number
They are also widening the countrys racial wealth gap. A higher share of Black college students take out loans than white students, and those loans tend to be bigger, because Black students have ac…
Read the full article at: https://www.theatlantic.com/ideas/archive/2020/11/why-biden-should-forgive-student-loan-debt/617171/
