It starts

But the largest portion of consumer debt is student debt. Yes, Americans have borrowed $1.5 TRILLION to earn degrees of questionable use.
As I wrote in a previous Notes:
According to the latest stats, the average student loan debt in the US is nearly $40,000.
But that’s just average…
There are more than two million former students in the Land of the Free with more than $100,000 of debt… around 415,000 people have more than $200,000 of student debt.
And the US Department of Education guarantees 90% of that debt. Which means you, the taxpayer, guarantee that debt. If the borrower defaults, YOU’RE on the hook.
What are the chances millennials will make good on the debt? Not great…
According to a recent Fed study, millennials are much poorer and indebted than previous generations.

So, if millennials cannot pay their student debt then how can the pay the interest on the national deb?  Forgiving the loans simply transfers the liability to government, and as we have noted, and others have noted, boomers are retiring; boomers are skipping out on Federal interest payment.

We have the France problem, the Brexit problem, the Italy problem; debtors are now beginning to repudiate their government debt. We do this once a generation, why not make it an expected tradition? Boomers done it in 1971, the previous generation done it under FDR (and had a war too!), now it is time for millennials to repudiate, the sooner the better so that we can prepare.