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The resumption of student loan payments after a three-year break, is likely to deliver a blow to American economic growth, according to economists, in a move that could harm many beyond borrowers alone.

Capitalism’s endless economic growth prioritizes the individual over community and creates extreme inequality. But it doesn’t have to be that way.

Chief of Programs at Demos, Angela Hanks on Black employment in this jobs report, wage growth, and the Fed rate hike - what damage that could do to the economy. 

Figure is less than expected in first jobs report since Fed raised interest rate to 22-year high

“The government has not asked questions of the banks for this latest bailout—protecting the priorities of banks and shareholders. But for the rest of us, not so much.”

Taifa Smith Butler joins BNC’s “AMplified with Aisha Mills” to discuss these inequities and what we can do to combat them.

"Black student debtors "are 16 percent more likely to be in default or seriously delinquent than white student debtors; Latino borrowers are 8 percent more likely."

“This stuff is hard and necessary to untangle… [but] we should actually start over.”

“They collect our data without our permission. They profit from our data. They fail to invest in processes to verify accuracy. And their models are not transparent. This puts Black and Brown consumers at a serious disadvantage.” 

The Biden administration should implement its public credit registry proposal to shift power away from an oligopoly that exercises inordinate control over consumers’ financial prospects and towards a fairer system that better respects consumers and reduces racial inequality.

“The actual dollar amount, it’s hard to put that at a figure that’s enough to help everyone who is struggling. And because of that, I’d err on the side of doing more.”

“Most people who are in favor of big sweeping action are also in favor of the incremental reforms that would make the loan program more humane."

“Student debt is both a cause and a consequence of the racial wealth gap."

“This is a microcosm of many intra-progressive, intra-left policy debates—whether it’s better to do something universal and achieve something with relative ease or ensure that only those struggling by some definition get relief."

If we are to survive this crisis—and imagine a more equitable, dynamic economy to come, we must start with a recommitment to the value of universal, inclusive public infrastructure.

"Imagine any financial transaction you make and someone says the price of this thing is $100,000, but you are very likely to pay nothing, but first you have to fill out all these forms."

States must now take swift action to design racially equitable voting systems—including dramatically scaling up vote by mail, while also maintaining accessible in-person voting—so communities are not disenfranchised this fall.

"To say that people post-crisis, as they try to rebuild their lives, have to carry the impact of this is just another round of disadvantage and discrimination.”