Despite the political backlash and uncertainty for the macroeconomy brought upon by their plan, the Biden Administration remains steadfast in its argument that it is a vital step for Americans in the ultimate goal of solving the student debt crisis. Moreover, they believe it to be an efficient and sustainable solution — they maintain that because of the high default rates for student loans, the actual cost of the debt forgiveness plan will be lower than the theoretical expectation; however, the specifics of that value have proven to be difficult to calculate.
To say that my AP Economics teacher had a credit card dedicated to burritos when he was in college is slightly misleading. While it’s true that he solely bought burritos on that credit card, the object of his purchase was arbitrary. Whether he bought burritos or tacos, either way my AP Economics teacher would have learned good borrowing practices and bolstered his credit score through the process of borrowing money and paying it back.