How student loan forgiveness rebuilds the economy from the middle out (with Marshall Steinbaum)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 27 September 2022

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

President Biden recently announced his plan for student loan forgiveness. It’s a policy that helps build the economy from the middle out by erasing some of the 1.7 trillion dollars in debt that’s holding Americans back. Economist Marshall Steinbaum, who has spent most of his career researching student debt, explains why this forgiveness plan is a great start—and why Biden can, and should, do more. Marshall Steinbaum is an Assistant Professor of Economics at the University of Utah and a Senior Fellow in Higher Education Finance at Jain Family Institute. Twitter: @Econ_Marshall The Student Debt Crisis is a Crisis of Non-Repayment https://www.phenomenalworld.org/analysis/crisis-of-non-repayment A Middle-Out Education https://civicventures.substack.com/p/a-middle-out-education Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	Student debt cancellation has been a long time in coming and it's very gratifying that
0:05.3	it seems like it might finally happen. Skyrocketing prices for higher education and a generation
0:12.5	of wage suppression is what created this crisis, not the profilicate personal spending of the
0:18.9	students themselves. This is a policy that is aimed squarely at the middle class because
0:25.7	that is how you build an economy. From the home offices of civic ventures in downtown Seattle,
0:35.8	this is pitchfork economics with Nick Hanauer, the best place to get the truth about who gets what
0:41.6	and why. I'm Nick Hanauer, founder of Civic Ventures. I'm David Goldstein,
0:54.3	senior fellow at Civic Ventures. When President Biden announced his student loan forgiveness
1:05.1	program, Nick, we knew we had to do an episode on it and the first guest you thought of was Marshall
1:12.8	Steinbaum. Absolutely. Well, two reasons. The first is I know a bit about Marshall's research
1:20.8	agenda, which has been focused a lot on student debt. Marshall is a assistant professor,
1:27.6	University of Utah and has done a ton of work and advocacy around this, but also because we love
1:35.5	Marshall because he is a flame thrower, much like us. We just love talking to him. He's been doing
1:42.5	this. He's been talking about this for a while. This has been part of the course subject area,
1:48.5	the student debt crisis. Marshall is one of the very few economists that we get to talk to who
1:55.6	is classically trained, but unconstrained by a lot of that orthodoxy. He was a person who learned
2:03.7	it all and then turned it over in his head and said, well, a lot of this just makes zero sense.
2:09.2	It's just not true. As we've said many times before, it's internally consistent,
2:13.6	mathematically elegant. It just has no purchase here on planet earth. As a consequence,
2:20.4	he sees things in new ways. It's just a deeply penetrating thinker and a super-articulate
2:28.2	guy. As any listener of the pod must know, when President Biden announced the student debt
2:37.0	cancellation, a lot of people lost their minds. Obviously, there were a lot of people lost their
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