White House officials appear to suggest that President Biden's cancellation of between $10,000 to $20,000 in student debt per borrower will be funded through deficit spending.
Sen. Elizabeth Warren, D-Mass., insisted on CNN that there is "no evidence" that forgiving student loan debts would exacerbate inflation.to cancel between $10,000 and $20,000 in student debt for millions of Americans is fully paid for because of a drop in the federal deficit, an argument that suggests the full cost of the policy will just be piled on top of the national debt.
this year. That means, practically speaking, compared to the previous year, 1.7 trillion more dollars are coming into the Treasury than are going out. And we’re using a portion of that — a very small portion of it — to provide relief to middle-class families, consistent with the president’s plan." "The analogy is a family going into debt for a $100,000 medical emergency, and the next year buying a $50,000 sports car and claiming that it's ‘free’ because they are no longer spending $100,000 per year on the medical emergency," said Brian Riedl, a senior fellow in economics at the center-right Manhattan Institute.for borrowers making less than $125,000 annually. Pell Grant recipients will receive $20,000 in debt handouts, provided their income is below the $125,000 threshold.
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