In a new study out of the Levy Economics Institute, The Macroeconomic Effects of Student Debt Cancellation, Scott Fullwiler, Stephanie Kelton, Catherine Ruetschlin, and Marshall Steinbaum examine the macroeconomic impacts of an outright cancellation on all outstanding student debt, public and private.
The report set out to answer a simple question: What if all of the $1.4 trillion in U.S. student debt went away? In this special audio clip from our upcoming episode with Stephanie Kelton on Modern Monetary Theory and budget deficit myths, we ask Professor Kelton to walk us through the findings. Check back for the full episode in the coming weeks.(More...)
Professor Steve Keen, the first economist to predict the 2008 financial crisis, explains the economic situation in China, whose credit bubble is easily the fastest growing in the history of capitalism.