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.
“Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless. Doing it while going well beyond one campaign promise ($10K of student loan relief) and breaking another (all proposals paid for) is even worse,” he wrote.
“The White House fact sheet has sympathetic examples about a construction worker making $38K and a married nurse making $77,000 a year. But then why design a policy that would provide up to $40,000 to a married couple making $249,000? Why include law and business school students?” – READ MORE