Mark Cuban has a plan to save the U.S. economy, and it has nothing to do with taxes or even job creation.
The best way to get the economy back on track, according to Cuban, involves solving the student loan bubble that has saddled millions of recent grads with loans that will take decades to pay back. One of the reasons reversing this trend is so important is that college tuition has been skyrocketing for years.
"It’s easy for the colleges to ask for more, because then the potential students just take out bigger loans," Cuban said at Inc.'s GrowCo conference, adding that rising tuition costs have resulted in more than $1 trillion in student loan debt.
"That’s the same money that, when you graduated, you used to move out of the house or you went out and spent money that improved the economy and helped companies grow. It created more revenue and spending power. Instead, it’s going to build a better fitness center at your school."
So what's Cuban's plan to stem this problem?
"If Mark Cuban is running the economy, I'd go and say, 'Sallie Mae, the maximum amount that you’re allowed to guarantee for any student in a year is $10,000, period, end of story,'" he said.
"We can talk about Republican or Democratic approaches to the economy but until you fix the student loan bubble--and that’s where the real bubble is--we don’t have a chance. All this other stuff is shuffling deck chairs on the Titanic."
To hear more about Cuban's plan to fix the economy, watch the video below.