Friday, September 16, 2022
‘The revolving credit card’ Sam Beebe
Loan forgiveness will add to national debt Mallory Pool Assistant News Editor
The new student loan forgiveness executive order put in place by President Biden is set to worsen inflation by the end of the year. The logistics of the loan forgiveness plan will cause a decline in economic repair, a few Oklahoma State sources said. Austin McKay, a Spears School of Business student, shared his thoughts on the issue. “Student loan forgiveness is yet another example of irresponsible government spending,” McKay said. “During a period that is already experiencing high inflation rates, this program increases the amount of money in circulation which
will likely exacerbate this issue. This program forces individuals who sacrificed to avoid, or already paid off, their student debt to cover the costs for individuals who were unwilling to take the same actions. That being said, students who qualify should absolutely take advantage of this program to improve their individual financial situation.” OSU student Avery Lee sees the positive side of this plan. “I think there will be more opportunities for students who may not have had it beforehand,” Lee said. “When you can barely pay for classes, I can’t even imagine trying to do all the extra stuff, so I think this will really open up some good opportunities for them.” Bill McLean, an economics
professor at OSU, talked about the economic effects of the loan forgiveness plan. “On universities, it’s positive because it’s not really adversely impacting the cost of college,” McLean said. “There are consequences though, later on down the line, for both colleges and economy wide. People who get debt forgiveness, many states are taxing that, so if you get $20,000 of debt forgiveness in the state of Oklahoma, then taxpayers are going to pay 2%4% roughly from their income tax this year on that money.” Carman Montgomery, an agricultural business major, said she thinks this is a step in the right direction, but it still needs work. “I think the $10,000 would be very generous to give college students,” Montgomery said. “But I don’t think that it will persuade more to attend
college if not already set to attend since that amount doesn’t cover the costs at most universities.” The loan forgiveness will force the government, who is forgiving the students of this debt, to pay the banks back for those loans with money they do not have. “I see two things on the economy in general,” McLean said. “One, the government says they are going to forgive, let’s say, $2 billion in debt. Not all of that money is held by the government. The government and banks share that loan responsibility. The federal government is a guarenteer. Which means they will have to give that money to the bank that they are waving for the student. “Two, someone has to pay the independent bank back. The government is spending money we don’t have. This is increasing deficit spending which is not good.” Numerous people in various polls throughout the country are against this.
People feel as if it is not fair for the people who worked to pay off their own college debt and are now having to pay for other student loans. “With the economy, loan forgiveness expands aggregate demand for goods and services which is not a good thing when you’re having an inflation,” McLean said. Many governors, including Oklahoma Governor Kevin Stitt, signed letters to the president asking to not go through with the plan. “Loan forgiveness will add to the national debt,” McLean said. “It’s the revolving credit card. The debt will just keep racking up and racking up. Eventually, they are going to have to freeze the credit card and stop the deficit spending and I don’t want to be around for that.” news.ed@ocolly.com
Come get Slapped! Micah McKamie Staff Reporter Upon first being greeted by the dynamic duo of Kevin Douglas, the writer, and David Weber, the director, there was a feeling of excitement at the rehearsals for “Slapped,” the upcoming production from the OSU Theatre department. As the performers arrived and began their various stretch routines to the tune of Katy Perry’s “Firework”, you could tell that each one of them meant business. A modern reimagining of “He Who Gets Slapped”, the 1915 crowning achievement of Leonid Andreyev, known as the father of Russian Expressionism, features a female
lead. Syd Bradley, the lead, takes on the role with grace and gusto, keeping the audience’s attention. She is balanced with the acting and acrobatic skills of Isaac Bohls, a sophomore general theater major. The tone of the show plays to the emotions with humor, acrobatics and heavy emotional themes that mimic masters such as Shakespeare and Thomas Dekker. Douglas, one of America’s great storytellers, said he’s excited about this project taking center stage at Oklahoma State. He said he is proud of how his work is being portrayed by these phenomenal actors and actresses. See Slapped on 6A
Jaiden Daughty OSU president Kayse Shrum honored former OSU president Burns Hargis with statue outside Classroom Building in his honor.
Former OSU President Burns Hargis honored with statue
Payton Little Staff Reporter Thirteen years, about $2 billion raised, countless students impacted and now a bronze statue. A week ago, OSU unveiled a statue outside of the Classroom
Building honoring former university president Burns Hargis. The statue stands 10-feet tall and faces the statue of another former president, Henry Bennett. Hargis said he was honored and surprised when the regents told him of his future statue. “I guess the regents cooked this thing up and it’s kind of hard to say no,” Hargis said. “It’s a phenomenal honor to be looking at Henry Bennett, in my opinion one of the greatest presidents of universities anywhere.”
Dozens of people were in attendance for the statue’s unveiling, including Hargis’ successor Kayse Shrum. Shrum highlighted how impactful her relationship with Hargis has been throughout the years. “I have a great relationship with Burns and Ann,” Shrum said. “He really gave me an opportunity, but he did give me the chance to do the job, which is amazing. He and Ann have become good friends See Statue on 3A