In the proposal “Cancel
Student Loan Debt to Stimulate the Economy”, Barry Applebaum introduces the
idea of using the some of the money from the TARP bailout to wipe out student
debt so the economy can prosper. Applebaum argued that only cost a small
fraction of the bailout to complete this task but it had not even been
considered. According to Applebaum” For decades, presidents, senators, and
members of Congress have touted themselves as champions of education, yet they’ve
done nothing to actually encourage the pursuit of one on a individual level”(29).
In other word, the author believes the federal government does nothing to
encourage high education, but instead only promote their own accolades within
the education system. Applebaum also argued how the TARP was nothing but a
waste of money. He further deepens the argument by saying:” The Wall Street
financial institutions, auto manufactures, insurance companies, and countless
other irresponsible actors have now received trillions of taxpayer dollars to
bail them out of their self created mess. This, too, does nothing to stimulate
the economy. It merely rewards bad behavior and does nothing to encourage
institutional change”29. Applebaums point is that the giving money especially
taxpayer money to the ones that created the financial mess in the first place.
Applebaum’s
proposal is surely right about TARP bailout because it’s nothing more than a
waste of money. Taxpayer money or better yet “our” money could have been put to
better use such as paying off student loans as the author mention. The author
made a valid point mentioning “rewarding for bad behavior”29.Would a person
award their child for making a mess and not cleaning it up? The responsible thing
would be to let a child clean up to teach them a lesson so they would learn
from the mistake and not do it again.