The resumption of student loan payments after a three-year break, set for October 1, is likely to deliver a blow to American economic growth, according to economists, in a move that could harm many beyond borrowers alone.
This case study highlights how New Economy Project and the Public Bank NYC coalition are pressing for the creation of a public bank for New York City, as part of a broader vision for economic and racial justice.
"For the sake of millions — people watching their rents go up while their wages don’t, parents who need support in tackling the ever-rising cost of child care, and seniors who regularly must decide whether they can afford their bills or their pills — the Senate must pass this legislation.”
The Build Back Better Act would dramatically help working people and families. Now, the passage of this once-in-a-lifetime framework is in the hands of a few legislators who are beholden to corporations and the ultrarich.
Corporate and far-right special interests incite deficit fears by manufacturing an artificial crisis around debt. This has consolidated wealth and power in predominantly white corporate hands—and at the expense of Black and brown communities—for decades.
“The student debt crisis is yet another example of the deep and structural racial injustice at that heart of our economy. It prevents Black and Brown families from building wealth and economic power and has undermined the fundamental goal of higher education as a public good."