Former Obama economic advisor Jason Furman thoroughly dismantled President Biden’s newly announced student loan handout calling it “reckless” and “inflationary.”
Biden on Wednesday declared that he will “forgive” $10,000 in federal student debt for most borrowers earning up to $125,000 a year — or up to $250,000 for married couples.
His plan also forgives up to $20,000 for borrowers who received Pell Grants while extending a repayment pause through Dec. 31.
Furman, who was Obama’s chief economist and chairman of the Council of Economic Advisers, accused Joe Biden of pouring “gasoline on the inflationary fire.”
“Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless,” he said in a lengthy Twitter thread.
“Doing it while going well beyond one campaign promise ($10K of student loan relief) and breaking another (all proposals paid for) is even worse,” added Furman.
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 also warned at that time – before Biden signed the tax hike/global warming spending bill and before the student loan handout – that inflation is “so deeply baked in” the American consciousness that there may be nothing Democrats can do to alter the public perception prior to the midterms.
Furman called the economic crisis “a very negative thing” for his party.
“My guess is that the negative views about inflation are so deeply baked in that nothing can change in the next few months to change them,” he said.
Obama adviser tells New York Times that Democrats are likely doomed by inflation: ‘Nothing can change’ https://t.co/YjQmemdAwG
$1.9 trillion in Covid stimulus, the biggest climate package in U.S. history, Biden’s new student loan handout, and lest we forget – the administration just announcedanother $3 billion military aid package for Ukraine.
The $3 billion military aid package that President Joe Biden announced for Ukraine Wednesday shows his administration expects the war with Russia to last for many months or years, and signals Washington is in the fight for the durationhttps://t.co/eHH48wWm4p
Meanwhile, this newly resurfaced video of a frustrated father who paid off his daughter’s student loans only to be told by Senator Elizabeth Warren that he’ll be getting nothing for his efforts is symbolic of the “reckless” attitude of the current Democrat Party.
Flashback to 2020:
Voter: “My daughter is getting out of school. I saved all my money. She doesn’t have any student loans.”
“I just want to ask one question,” the man says. “My daughter is getting out of school. I’ve saved all my money. She doesn’t have any student loans.”
“Am I going to get my money back?” he asks of the student loan forgiveness plans she had been touting at the time.
“Of course not,” a seemingly shocked Warren replies.
‘Of course not’ is practically the campaign slogan of the Democrat Party to those Americans suffering financially right now.
Biden’s student loan bailout is not free as some Democrats would hope voters believe. He’s simply robbing one group to bail out another – even those making twice the median household income. That’s something people like Warren and Senator Bernie Sanders used to be disgusted with.
According to the Penn Wharton Budget Model, Biden’s bailout will cost $300 billion, with almost 70% of the benefits going to the top 60% of earners.
The student loan handout is paid for by the average American family through inflation and higher taxes.
Biden is taking $300 billion of our tax dollars and using it to cancel the student loans of people making as much as $125,000 per year.
What message does that send to hard-working people who didn’t go to college or paid off their loans?
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