Biden barrels forward on student loan forgiveness

The Washington Post reports “White House officials are currently planning to cancel $10,000 in student debt per borrower.”

Here’s what people are saying about this flawed policy:

• The Brookings Institute calls it a giveaway to the wealthy.
• Democrat economist Larry Summers calls it inappropriate because it is regressive and will make inflation even worse.
• The Committee for a Responsible Federal Budget estimates canceling student loan debt “would increase the inflation rate by between 10 and 50 basis points (0.1 to 0.5 percentage points) in the 12 months after repayment is scheduled to begin. This would represent a 4 to 20 percent increase relative to the median Federal Reserve inflation rate forecast.”

NRCC Comment: “Every House Democrat should state whether they support forcing their constituents to foot the bill for this flawed policy that will make the inflation crisis even worse.” – NRCC Spokesman Mike Berg