Student Loan Forgiveness Is CHEAPER Than The Republican Tax Scam

Republicans, and even some Democrats, love to tell us that we simply can’t afford to forgive the nearly $1.5 trillion in student loan debt held by Americans, but that price tag is actually cheaper than the cost of the Republican tax cuts for the wealthy. Considering the fact that this freed-up money would still re-enter the economy, this is a no-brainer issue. Ring of Fire’s Farron Cousins discusses this.

Become a member today!

Support us by becoming a monthly patron on Patreon, and help keep progressive media alive!

Spread the word! LIKE and SHARE this video or leave a comment to help direct attention to the stories that matter. And SUBSCRIBE to stay connected with Ring of Fire's video content!

Support Ring of Fire by subscribing to our YouTube channel

Be sociable! Follow us on:

Follow more of our stories at

Subscribe to our podcast

*This transcript was generated by a third-party transcription software company, so please excuse any typos.

One of the most annoying talking points that you hear coming from Republicans and unfortunately far too many Democrats, when you talk about any of these progressive, uh, policies like forgiving student loan debt or Medicare for all, it's, they always ask, how are you going to pay for it? How are you going to pay for it? How are you going to do this? We can't do that. It's too expensive. Well, actually, as it turns out, study after study report after report and analysis after analysis has shown us that these progressive policies are actually far cheaper than the systems we have in place now. And a new one of those came out earlier this week showing that the cost of the Republican tax cuts is actually far greater than the amount we would spend immediately forgiving all student loan debt currently held by every single person here in the United States. Right now, there's roughly one point $6 trillion worth of student loan debt being held by American citizens and some of those people holding that debt, or even over the age of 65 it does mostly affect young people, but this is also an issue that does affect every age and every demographic.

One point 6 trillion cost of those republican tax cuts, two point 3 trillion. So we're talking about a $7 trillion difference in these two proposals. Either we give wealthy people two point $3 trillion or we give people who are going to spend that extra money they're having to, they're getting to save each month. We give them one point $6 trillion in a one-time payment and student loan debt is gone. The numbers are clear. Give that money to the people with the student loan debt and let the rich people, pay taxes like the rest of us. Because here's the thing, as I mentioned, these people are going to actually spend that money and that is the truth. Uh, roughly I think it's 80% of people in this country spend every dollar that they get. They cannot put any in savings. They need to spend that money. So if you take, these tens of millions of people holding one point $6 trillion in debt and suddenly they don't have to make those payments every month, whether it's $100 or 400 or $500 do you know what they do with that money?

The vast majority of them, nearly all of them are going to spend it because they have to, not because they're bad with money, but because they have to. Some of them will be able to save. The rest of them are going to have to take that extra 100 or $200 and guess what? Maybe they can afford to get that new tire for their car cause they've been driving around on a spare for six months. Maybe they can finally afford to go get their oil changed. Hell maybe they can finally afford a nice night on the town and go out to a nice dinner every now and then. Something that seriously, I don't think enough people because maybe you haven't been in this position, but I have that can be a luxury.

And I say this not only as somebody who understands what numbers are and understands that you helped the economy more by paying the one point 6 trillion to pay off student loan debt than giving two point 3 trillion to the wealthy elite. I also see it as somebody who's lived it. I still am paying off student loan debt and according to uh, the charts and graphs I see each month when I go in there and make my payment, I'm going to be paying it off for another 25 years.

#rof #trofire #theringoffire #progressivenews