8. REDUCE STUDENT LOAN DEBT.
The student loan debt problem is actually continuing to worsen (though other forms of debt seem to be improving).
The NY Fed’s Quarterly Report on Household Debt and Credit revealed that the delinquency rate for student loans, which is currently at 8.9 percent, increased during the second quarter. During the same period, student loan debt rose $10 billion to $914 billion.
While student debt continued to grow, overall household debt declined by $53 billion to $11.38 trillion as Americans continue to pay down their debt and take advantage of extremely low interest rates. Credit card balances ($672 billion) are at their lowest level since the second quarter of 2002. Credit card debt is down 22.4 percent since the peak during the fourth quarter of 2008.
Read more here
To help improve the meaning of these lyrics, visit "An Open Letter To President Obama" by Michael Moore and leave a comment on the lyrics box