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Interesting Times with Ross Douthat

Best of: Cancel America's Student Loan Debt! But How?

Interesting Times with Ross Douthat

New York Times Opinion

New York Times, Journalism, News, Society & Culture, Ross Douthat

4.07.2K Ratings

🗓️ 24 August 2022

⏱️ 46 minutes

🧾️ Download transcript

Summary

Today, with the Biden Administration weighing whether to extend the federal student loan payment freeze, we're re-airing one of our most timely debates from last year: Canceling student loan debt. The problem of student loan debt has reached crisis proportions. As a college degree has grown increasingly necessary for economic mobility, so has the $1.7 trillion in student loan debt that Americans have taken on to access that opportunity. President Biden has put some debt cancellation on the table, but progressive Democrats are pushing him for more. So what is the fairest way to correct course? Astra Taylor — an author, a documentarian and a co-founder of the Debt Collective — dukes it out with Sandy Baum, an economist and a nonresident senior fellow at the Center on Education Data and Policy at the Urban Institute. While the activist and the economist agree that addressing the crisis requires dramatic measures, they disagree on how to get there. Is canceling everyone’s debt progressive policy, as Taylor contends? Or does it end up being a regressive measure, as Baum insists? Jane hears them both out. And she offers a royal history tour after Oprah Winfrey’s interview with Meghan Markle and Prince Harry. Mentioned in this episode: Astra Taylor in The Nation: “The Case for Wide-Scale Debt Relief” Sandy Baum in Education Next: “Mass Debt Forgiveness Is Not a Progressive Idea” Astra Taylor’s documentary for The Intercept: “You Are Not a Loan” Sandy Baum for the Urban Institute: “Strengthening the Federal Role in the Federal-State Partnership for Funding Higher Education” Jane’s recommendation: Lucy Worsley’s three-episode mini-series “Secrets of the Six Wives”

Transcript

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0:00.0

Hey friends, it's Jane.

0:02.0

Host of the argument and student loan have her.

0:05.0

The freeze on federal student loan payments

0:07.0

is supposed to end this month.

0:08.0

But this week, even today, Biden is expected

0:11.0

to announce the decision on student loans.

0:13.0

Whether that's extending the freeze

0:15.0

or forgiving some of that debt, we don't know.

0:18.0

But in light of the news, I wanted to bring you

0:20.0

one of my favorite debates we've had on the show.

0:22.0

This was an episode that changed my mind.

0:25.0

Maybe it'll make you think, too.

0:27.0

Today on the argument, imagine if we wiped away

0:31.0

every American student loan debt.

0:33.0

Should we?

0:39.0

The cost of higher education in America

0:41.0

has skyrocketed in recent decades.

0:43.0

And so have the student loans to pay for it.

0:46.0

Americans are carrying more than $1.7 trillion in college debt.

0:51.0

That's more than we owe credit card companies or auto lenders.

0:55.0

Nearly 43 million of us are still paying off our college tuition.

0:59.0

It's a crisis with massive consequences for our economy

...

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