Student Loan Debt a Major Driver of Economic Malaise

"In other words, the balance sheet recession – collapsing wealth, underwater homes, student loans – is creating a major part of the crappy economy. Everyone’s waiting for things to get better, and by extension ensuring that nothing will. In this instance, only repairing balance sheets – such as through debt forgiveness – can get the economy on a better path. And then the kids move out of their parent’s house and housing construction starts jumping and we get some relief."

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