Levin backs student loan handout

Mike Levin is backing Joe Biden’s student loan debt cancelation handout, arguing it will “provide debt relief for those who need it most.”

Prominent liberal economists disagree.  

Furman:“Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless. Doing it while going well beyond one campaign promise ($10K of student loan relief) and breaking another (all proposals paid for) is even worse.” 

Summers:“Every dollar spent on student loan relief is a dollar that could have gone to support those who don’t get the opportunity to go to college. … Student loan debt relief is spending that raises demand and increases inflation. … It will also tend to be inflationary by raising tuitions.” 

NRCC COMMENT: “Mike Levin robbing middle-class taxpayers and making inflation worse to give a bailout to his fellow Ivy League graduates is an indefensible policy.” – NRCC Spokeswoman Torunn Sinclair