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Tipsheet

Top Liberal Economist Warns Biden's Student Loan Plan Will Make Inflation Worse

(AP Photo/Evan Vucci)

Since taking office in January 2021, President Joe Biden has repeatedly pushed back payment deadlines for individuals who took out student loans. With pressure from his left, with Democratic Senators Bernie Sanders and Elizabeth Warren leading the way, Biden could force taxpayers to foot the ultimate bill for the loans under the guise of "forgiveness." He's expected to do so on Wednesday. 

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But Obama National Economic Council Director Larry Summers is warning the move will make inflation worse. Summers also warned Biden's American Rescue Plan would drive inflation exponentially when it was passed solely by Democrats in March 2021. Those warnings were ignoring and inflation currently sits at 8.5%.

Not to mention, student loan "forgiveness" moves the payment burden from wealthy degree holders to the non-college educated working class. They're also concerned about inflation. 

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