Agenda Text
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Calling on the federal government to cancel student debt.
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Official Text
WHEREAS, Cancelling student loan debt and eliminating debt in higher education represents an enormous economic opportunity for Somerville to create better jobs, increase spending in our local community, support individuals in moving upward in social mobility; and provide a deeply needed stimulus as we recover from the pandemic; and
WHEREAS, Canceling student debt is an issue of racial justice; while canceling student debt would benefit people from all backgrounds, “studies show that cancelling student debt would substantially increase Black and Latinx household wealth and help narrow the racial wealth gap, provide immediate relief to millions of Americans during the pandemic and recession, and provide massive consumer-driven stimulus to our economy,” according to Senator Elizabeth Warren; and
WHEREAS, Abolishing of student debt would present a powerful opportunity for Somerville to provide better overall health outcomes to the general population since debt is associated with negative mental and physical health outcomes, like stress, depression, general health, obesity and mortality; and
WHEREAS, Cancelling student debt is a policy that is strongly supported across all political parties and across the country, and especially here in Somerville, and especially now that President Joe Biden and the Democrats committed to some form of student debt cancellation during the 2020 election; and
WHEREAS, Student debt cancellation is one step toward relief and a better higher education system, and examples from overseas and locally show the need for elimination of full student loan debt and investment in and pathways toward College for All and other programs to support higher education as a public good; NOW, THEREFORE, IT BE
RESOLVED, By the Somerville City Council supports the calls for the Federal Government to enact a plan to cancel all student debt in the coming months and begin the transition to education as a public good.