March 17, 2020
By Shaniyat Chowdhury
Once again, Wall Street is getting bailed out. And once again, working class people are being overlooked.
The Federal Reserve has authorized the expenditure of $1.5 Trillion dollars to prevent the stock market from continuing to free fall amidst serious concerns about the coronavirus outbreak. Despite being a collateralized loan and not necessarily a bailout, this action shows the priorities of our government. $1.5 Trillion dollars is almost exactly the amount necessary to cancel all student loan debt in the country.
By no means am I saying nothing should be done about the stock market. Millions of working class people have their pensions tied to markets. We must do something to protect these pensions. What I am disgusted by is, the fact that spending this much money could eliminate debt from education for an entire generation of people and uplift millions of working people struggling with student loan debt.
When we talk about ending student loan debt and giving an entire generation a leg up-the response is always the same, “where are we going to get that kind of money”, or “how are we going to pay for it”. But, when the stock market needs a trillion dollar stimulus, no one asks those questions, instead the Federal Reserve just does it. The priorities of this government are morally bankrupt.
Eliminating student loan debt would be an economic stimulus for nearly 45 Million people struggling to pay for education.
Shaniyat Chowdhury served in the US Marine Corps for six years, working as a Field Radio Operator. He’s a candidate for Congress from NY-5.