National Association of Scholars research associate Neetu Arnold champions for higher education reform and shares why Biden's student loan handout is bad for college tuition costs.stating President Biden's student loan plan would be inflation neutral are disingenuous after multiple administration officials cited economists who have made that argument.
Biden's plan, which he's implementing via executive action, would provide a handout of up to $10,000 for borrowers making less than $125,000, and double that for Pell Grant recipients. It will also continue thethrough the end of the year before resuming them. The current national debt, according to the Treasury Department, is over $30 trillion.
"Collecting more payments by ending the moratorium will mean borrowers will pull back on spending in other areas. It will have a deflationary effect," White House press secretary Karine Jean-Pierre said Wednesday. Domestic Policy Adviser Susan Rice made similar comments. Bydlak also said that despite White House framing of the student loan forgiveness as something to help the underprivileged, the policy will disproportionately help more fortunate Americans, while increasing inflation for those less well off. President Biden Wednesday announced a move to forgive hundreds of billions in student loans via executive action, which opponents say is essentially a handout to the wealthy at the expense of the working class.
"The aggregate effects from such an income boost would be small, however, with the level of GDP increasing by about 0.1% in 2023 with smaller effects in subsequent years. We would expect the effects on inflation to be similarly small," they wrote.
BreakingNews Massive Record DebtAbuse again! A loan has 2 parts, borrow & payback. How do we find out how much money congress has borrowed and FailedToPayback ? It's called the NationalDebt Congress has borrowed over 30,777 Billion dollars & CongressFailed to Payback
$500 billion financed for 30 years is a trillion (that is a thousand billion). Congress has never paid back a thousand billion congress borrowed. CongressionalDebtAbuse only goes up YearOverYear !
People are FreeToDonate TheirAllowance but NotAnothers !! Forcing citizens into InvoluntaryServitude of an Education for another is a violation of AmericanConstitution, 13Amendment ServitudeMustBeVoluntary always in America
That is Obama's mouthpiece at the podium.
MIGOP Republican families received student loan forgiveness, too.
Ya think?
MIGOP Republicans hate when the working class gets something 👎🏻
MIGOP Helping ppl that don't have a supper yacht in Italy is a crime for the GQP. Hours after signing the GOP's massive tax bill on Friday, President Donald Trump told friends at his Mar-a-Lago resort in Florida that they 'all just got a lot richer,'
fdmfive And they are using Benghazi Girl to do that
It's 500 billion now
It was announced this morning by the Committee for a Responsible Federal Budget the cost for the school loan bailout will be $500B, not $300B and will cost Americans about $2,000 per person. The price is already going up and will continue to do so, it is the government after all.
How are we going to keep poor people poor if Biden is allowed to get away with crap like this.
They have no idea. Fvcking disgraceful
You guys photoshop pictures to suit what you want to say. so I really have no trust in your reporting for facts or content
For one thing it's illegal for Biden to do it and for second there wasn't a study done so no one will know!
Fox 'News'.
Lol, Fox saying Biden is misleading. That's rich.
Doesn't that help the approval rating? They are saying it's a misunderstanding. studentloans
Of course it is.
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