Democrat Economists Rip Joe Biden over Student Loan Forgiveness SchemeJacob Bliss 25 Aug 2022 Washington, DC
Prominent economists who served under previous Democrat presidents ripped President Joe Biden over his $300 billion student loan forgiveness scheme.
Summers — who served as treasury secretary under Bill Clinton, director of the National Economic Council under Barack Obama, president of Harvard University, and chief economist of the World Bank — in a series of posts on social media this week, said, “Every dollar spent on student loan relief is a dollar that could have gone to support those who don’t get the opportunity to go to college.”
“Student loan debt relief is spending that raises demand and increases inflation. … It will also tend to be inflationary by raising tuitions,” Summers continued. “The worst idea would be a continuation of the current moratorium that benefits among others highly paid surgeons, lawyers, and investment bankers.”
“If relief is to be given it should not set any precedent, it should only be given for the first few thousand dollars of debt, and for those with genuinely middle class incomes,” Summers added.
Additionally, Professor of the Practice of Economic Policy at Harvard University and the Harvard Kennedy School Jason Furman — who served as Chairman of the Council of Economic Advisers under President Barack Obama and on the Council of Economic Advisers and the National Economic Council under President Bill Clinton also ripped Biden for his loan forgiveness scheme.
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https://www.breitbart.com/economy/2022/08/25/democrat-economists-rip-joe-biden-over-student-loan-forgiveness-scheme/
