Sen. Elizabeth Warren is back with another plea to the Biden Administration to cancel billions of dollars in student loan debt.
Warren appeared on CBS Face The Nation, telling Margret Brennan why she believes in cancelling student debt. She says the Biden administration extending the student loan payment pause the last few years due to the pandemic has shown to help the average American; referring to recent data that shows canceling $50k in student loans per person would erase all debt for 84% of borrowers.
https://www.cbsnews.com/news/elizabeth-warren-transcript-face-the-nation-04-24-2022/
Brennan asked about the concern that cancelling student debt would add to the already increasing overall inflation the country is seeing.
“No, it is not inflationary. Not paying student loans has been baked in for three years now. But keep in mind, as President Biden himself says, the way we deal with inflation is not by making people poorer. The way we deal with inflation is we attack high prices head on, price gouging. We straighten out the supply chain so goods can come into people. We attack it head on, not by trying to make people poorer. Canceling student loan debt is something that would be good for people all across this country and more importantly, good for our economy overall.”
Tony Katz doesn’t believe Warren understands what inflationary means. If students don’t have to pay back their loans, it still has to be paid back.
“Cancelling student loan debt is not good for our economy overall because somebody still has to pay for it. It gets paid for one way or another….you’re actually engaged now in subsidizing those universities. Those professors and those of the elitist class continue to get outrageous dollars and you put it on the backs of other people to cover the debt. You don’t think that’s inflationary?”
