Forgiving their debt is the least that could be done for our homeless population.
By Alexa Franco
In 2008, taxpayers throughout the nation bailed out JP Morgan Chase, Wells Fargo, and many other banks after the infamous market crash. The Troubled Asset Relief Program was a collective $475 billion of funds collected from taxes on citizens in the U.S.
Today, many people who are homeless are in this situation because of unpredictable emergencies or hasty decisions in the past. Additionally, the banks that failed in 2008 were reckless and accepted risky loan offers. They were investing in properties and took a hit when the housing bubble burst. But what is the difference between the circumstances surrounding the two?
Unpredictable events impacted both parties' financial situations. If the debt of these big bankers could be forgiven, why can’t the debt of the struggling homeless be, too?
Forgiving their debt would lift the debilitating weight off of their shoulders and could open doors of opportunity. Although programs and initiatives like the CalWORKs Housing Support Program aim to end homelessness more directly, a debt relief program could quickly remove roadblocks to permanent housing.
Having a more significant amount of debt than what someone makes monthly shouldn’t cause many to live in vehicles or with no roof over their heads. But that’s exactly what’s happening, and the more time that passes, the more the number of homeless people increases.
By removing the burden of debt, the promise of a more fantastic future would create an environment for many to grow. If someone unhoused made $2000 monthly and formerly paid $1500 to student debt, for example, an erasure of their debt could solve their situation.
Money going straight from the employee’s paycheck to pay their debt could now be used for better purposes. Food, housing, or savings would finally be an option for this unhoused population to invest in.
Of course, there are some people experiencing homelessness who don’t even have a form of steady income. There will be people who still believe they owe whatever debt they have. But what is there to collect?
In a constantly changing world where the cost of living is rising, the threat of losing one’s home is looming. Why would someone choose to ignore these people's struggles, knowing there is something that can be done?
Forgetting someone’s debt isn’t the only thing that can be done to deal with the homelessness crisis. One example could be California increasing its funding for federal housing assistance. By quickly providing stable housing to those who are unsheltered, it will allow them to focus on other issues.
The National Alliance to End Homelessness states that this rapid rehoming program is “less expensive than other homeless interventions… and [allows them] to address other challenges that may have led to their homelessness.”
There are more than two ways to solve homelessness, and more resources should be dedicated to the problem. Forgiving someone’s debt isn’t giving free money away but instead allowing them to overcome their hardships.
Contrary to what many may believe, being homeless is not a choice many want to make. Unforeseen circumstances or unlucky decisions are what lead many down the rabbit hole of homelessness, where assistance is needed in the fight to end homelessness.
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