Obama's Chief Economist Shreds Biden's 'Reckless' Student Debt Cancellation: 'Everyone Else Will Pay for This'
The Harvard professor who headed the Council of Economic Advisers during the Obama administration torched President Joe Biden’s student loan debt cancellation on Wednesday, calling it “reckless.” “Everyone else will pay…
The Harvard professor who headed the Council of Economic Advisers during the Obama Administration torched President Joe Biden’s Student loan debt cancellation on Wednesday, calling it “reckless.”
“Everyone else will pay for this either in the form of higher inflation or in higher taxes or lower benefits in the future,” Jason Furman tweeted as part of a long thread on the subject.
Biden announced Wednesday that Pell Grant recipients with loans held by the Department of Education are eligible for $20,000 in Student loan debt cancellation, while non-Pell recipients could get $10,000 of their debt canceled.
Anyone with an income of less than $125,000 a year is eligible.
Biden further said that the pause on repayment has been extended through Dec. 31.