Dr. Jill Stein, who ran in 2012 on the Green Party ticket, may be considering running again in the 2016 presidential race on the Green Party ticket. The Chicago native has a lot to say to FOX business News about student loans and tax-free loan bailouts. She is known for her views on taking care of people and the earth.
She feels that a student loan tax bailout would benefit the country and would cost considerably less than the cost of bailing out the banks. She joins President Obama, and candidate Hillary Clinton and Donald Trump in advertising her solution for the high student debt and the enormous amount of people late with student loan payments. She wants to relieve the debt burden on young people and to stimulate the economy.
Recent Interview with FOX News
In recent interview on June 29, with FOX Business news reporter Maria Bartiromo, Stein offered up these opinions on paying off the enormous student loan debt, “Actually, if you count the quantitative easing for the bankers, that was an additional $4.5 trillion, which is far more than we need for student debt which is $1.3 trillion.” The numbers don’t lie, and this may cause a lot of loan-laden students to pay attention to Dr. Stein.
Loan defaults and tardy payments are running at an all time high. The Wall Street Journal noted that 40% of the people who owe college loans are tardy on their regular payments. The Wall Street Journal also mentioned that seven million people are currently in default of student loans. A default is defined as being at least 270 days without making a payment. If seven million people are struggling, then a solution is needed and needed quickly.
Stein strongly feels that the government can do something about these discouraging statistics. She goes on to tell FOX Business News that this payout would not be passed on to the public with further tax increases, but that instead, “No, you don’t pay for it – the Federal Reserve basically cancels the debt, it doesn’t cost taxpayers one penny.” The taxpayers would not be hit with yet another increase under her plan.
She notes that the strong job market declined in 2008, and now students are leaving school and not finding a job that can allow them to live, pay bills, and satisfy the college loans they are obligated to pay. She further states, “Young people were lured into these loans with the promise there would be jobs, but what happened in 2008, Wall Street crashed the economy, so they basically reneged on their end of the deal. So we have young people who are going to college with the expectation of jobs. But what kind of jobs have been created? There’s no question the jobs that have come back are massively jobs that are low wage, part time and temporary.”
If the job market isn’t in the condition to remedy the issue, then may be the Federal Reserve can cure the student loan problem.
Dr. Stein feels the proposed payoff of student debt by the United States Federal Reserve is a win-win situation that will attract advocates. If people can’t get jobs once graduated from college, they can’t pay the loans, and then they can’t get out from under the debt burden. This causes a stagnant economy. She lastly summarizes her plan’s attractiveness with, “The reason it’s good to do it for students is that it actually expands the economy. It’s the stimulus package of our dreams to put to work a whole generation of young people that’s held hostage in debt, that’s working two or three part-time, temporary, low-wage jobs, not doing what their passion is, what their skills are, what they’ve been trained to do. “
More About the Candidate
Her about page says, “Jill was born in Chicago and raised in Highland Park, Illinois. She graduated magna cum laude from Harvard College in 1973, and from Harvard Medical School in 1979. She lives in Lexington with her husband, Richard Rohrer, also a physician. They have two grown sons in medical school and residency training.” She has not yet officially thrown her hat into the race, but has been getting a lot of press lately. Her plan to pay of late and defaulted student loans is just a recent agenda of hers that is causing people to sit up and to pay attention.