Student debt in the U.S. is growing at the rate of $2,853 per second and will hit $1 trillion soon, but almost half of the graduating class of 2010 was unable to find work for a year after graduation, and those who did saw a significant drop in pay rates from previous years.
College students are racking up debt faster than the market can employ them, making it harder and harder for them to leave their parents' homes and contribute to the economy. 70% of the U.S.'s gross domestic product (GDP) comes from consumer spending, but as long as the majority of college grads are handing over most of their paycheck to pay back loans, the economy will continue to be stuck in the mud.
College graduates should be stimulating the economy by starting small businesses, creating jobs and contributing to the GDP through spending, not slaving away to pay off debt. To lift the U.S. out of economic recession and rebuild the middle class, the government must forgive student loan debt.
We, the undersigned, are deeply concerned about the amount of student debt in America. In 2009, the average student left college with $24,000 in debt. Many recent graduates are living paycheck to paycheck if they are lucky enough to find work in the current market, and too many are having to choose between paying for rent and food and making a loan payment.
America needs it young workers to contribute to consumer spending, which makes up 70% of our GDP, in order to recover from the recent recession and rebuild the vital middle class.
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We urge you to allow recent graduates to contribute by starting small businesses, creating jobs and putting their hard-earned money back into the system, instead of slaving away to make loan payments on time.
Stand up for America and stimulate the economy by forgiving all student debt.
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