Remington Gregg writes ("Canceling student debt would narrow the racial wealth gap and stimulate our economy," Dec. 26) that the federal government should cancel the $1.37 billion student loan debt “to help close the racial wealth gap.” I suggest that said debt be canceled simply because college education of our citizens is a wise government investment that will be repaid many times over, “regardless of the race, color, or creed” of the loan’s recipient.
College-educated adults on average earn significantly more than their lesser-educated counterparts and, therefore, pay more in federal and state income taxes. I believe that these payments greatly exceed the expense of the tuition and student living costs.
One needs only look at the results the college education provisions of the World War II “GI Bill” to see the social and economic benefits, not just to the individuals but to our nation.
Student loan forgiveness today could foster a similar result by removing the debt burden and enabling individuals to get on with income-producing employment and, thus, with tax-paying lives.