Occupy Elgin will gather on Saturday, March 23rd, 2019 from 1 PM till 2 PM at the corner of Kimball Street & Grove Avenue.in Elgin. We will hold signs and distribute flyers calling upon Congress to Cancel Student Debt.
44 Million Americans are struggling to pay off their student loans. Collectively they owe nearly $1.4 trillion dollars. This debt burden can take the joy out of their individual lives. But it also delays their major life decisions, like getting married, having children, buying a house or starting a business. This means that student debt ends up being a drag on our entire economy, affecting whole families and larger communities. If we hit an economic downturn with serious unemployment, many of those debt holders would have to default, so it could help tip us into a full recession. This is a problem for all of us.
The Levy Economics Institute of Bard College has done a research study about what would happen if the US simply cancelled all those student loans. You can read about it at this link:
You can also watch a video interview of Stephanie Kelton, one of the authors of the study.
Ms. Kelton says that the government could cancel the 90% they own, and could purchase the privately owned loans and pay them off.
Doing so would cause significant gains for the whole US economy, It would provide a stimulus which would increase economic growth and reduce unemployment while having a trivial impact on inflation.
Please call Senator Durbin 312-353-4952 and Senator Duckworth at 312-886-3506. Please call the Congressional switchboard at 202-224-3121, tell them your address and they will connect you with your member of Congress. Tell each of them you want cancellation of student debt and free tuition at public colleges and universities.
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