Jason Furman, a Harvard professor of economics and the chairman of former President Barack Obama’s Council of Economic Advisers, heartily criticized President Joe Biden’s Wednesday action to forgive $10,000 in student loan debt for borrowers earning less than $125,000 per year.
“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,” Furman, one of the Left’s leading inflation hawks, wrote in a lengthy Twitter thread Wednesday afternoon.
THE FOUR MAIN PITFALLS OF STUDENT LOAN DEBT RELIEF
https://twitter.com/jasonfurman/status/1562503985529233410
https://twitter.com/jasonfurman/status/1562503989412765697
He proceeded to attack the fact sheet distributed by the White House for including “sympathetic examples about a construction worker making $38k and a married nurse making $77,000 a year” while Biden’s policy “would provide up to $40,000 to a married couple making $249,000.”
https://twitter.com/jasonfurman/status/1562503991862657026https://twitter.com/jasonfurman/status/1562503996270845953″Those examples also contradict the baseline claim that this won’t raise inflation,” Furman continued before noting that Biden’s action will likely encourage colleges and universities to raise tuition in the future. “Most importantly, everyone else will pay for this either in the form of higher inflation or in higher taxes or lower benefits in the future.”
https://twitter.com/jasonfurman/status/1562503997629427714Biden’s Wednesday announcement came after months of deliberation on the issue.
The president promised on the 2020 campaign trail to forgive $10,000 in student loan debt unilaterally for all borrowers, but progressive Democrats, including Sen. Elizabeth Warren (D-MA) and Rep. Alexandria Ocasio-Cortez (D-NY), have pressured the White House to expand debt forgiveness.
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Biden additionally delivered remarks on his proposal Wednesday afternoon from the White House.
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