(OpEdNews.com) -- Picture the United States without student debt. It's a country with a larger, more vibrant economy than the one we have today. It's a country where more than a million people, including many people who never went to college, have jobs they would not otherwise have.
A new report from Bard College's Levy Economics Institute concludes that this bold idea -- cancelling all outstanding student debt -- would help the entire economy and create more than a million jobs.
To those who say we can't afford to cancel this debt, the report poses a new and different question: Can we afford not to?
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Cancel and Grow
Using widely-accepted economic tools, the report's authors -- Scott Fullwiler, Stephanie Kelton, Catherine Ruetschlin, and Marshall Steinbaum -- found that cancelling all student debt this country would create between 1.2 and 1.5 million new jobs. It would also increase the nation's GDP by $86 billion to $108 billion per year over the next 10 years.