Biden Canceling Student Debt Would Cause Even More Inflation, Expert Warns – By Ben Zeisloft (Daily Wire) / April 29, 2022
As President Joe Biden considers canceling student loan debt, one expert is warning that the move would worsen inflation.
Earlier this week, Biden confirmed to reporters that he is “considering dealing with some debt reduction” — although not the $50,000 per borrower debt reduction favored by progressives. “I’m in the process of taking a hard look at whether or not there will be additional debt forgiveness, and I’ll have an answer on that in the next couple of weeks.”
In response, Committee for a Responsible Federal Budget President Maya MacGuineas said Wednesday that debt cancellation would contribute to rising prices.
“Student debt cancellation may be an extremely appealing political talking point, but it is not good policy,” she said in a statement. “It is costly, inflationary, poorly targeted, and fails to address the root problems in our higher education financing system.”
