Should the U.S. Government Bail Out Student Loan Holders to Stimulate the Economy?
Move over sub-prime borrowers, irresponsible lenders, and big banks … a new group is on the rise, looking for a bailout. Business Week ran a fascinating article last week about a New York attorney starting a grassroots Facebook movement to change the student loan landscape, highlighted by a push for the U.S. government to forgive student loans as a way to stimulate the economy. The attorney in question is Robert Applebaum and he has started a Facebook group that now has more than 138,000 members and includes people who are now actively pushing for legislative reform regarding student loans. The name of the Facebook group pretty much spells out what Applebaum is going for: “Cancel Student Loan Debt to Stimulate the Economy.” The BW article goes on to cite examples of people shackled by student loan and then discusses some spin-off arguments, such as larger reform for the way student loans are handled relative to other debt (for instance, student loans can be part of a bankruptcy filin
