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The Student Loan Debate is the Death of Trickle-Down Economics
To heck with tax cuts for the rich
Ever since Ronald Reagan, the right has been obsessed with the theory that giving more money to wealthy people will lead to increasing jobs and economic growth. Despite a wealth of statistics and the skyrocketing number of mega-yachts, providing more money to the top earners simply leads to concentration of industries, more lobbyists, more bottom-line, more stock buybacks, and less money for everyday people. The trickle-down theory always seems to have a water-tight plug right before reaching the average worker.
The death of this awful experiment should be the current student load debate.
I have long argued that most of the increased spending, new jobs, and economic activity were not caused by some great pandemic-related wake-up, but simply because regular people had more money in their pocket. The pause in student loans coupled with decreases in commuting costs created sustained income for the middle class. This pause in payments and commuting for my own benefit was equal to over $800 a month. I am far from the exception.
The right argues that people still have all this government money from COVID checks issued years ago. This is pure nonsense. A few thousand dollars to everyday people will not make them…
