President Biden is expected to announce a major student loan forgiveness move Wednesday. As it is being reported Biden plans to forgive up to $10,000 in federal student loans for American borrowers who earn less than $125K a year.
With more than $1.6 trillion in federal student debt, many economists are afraid the program will just increase inflation even more so. Dr. Matt Will is one of those vocalizing that despite what the left says, the program would in fact hurt those who are lower-middle class.
“People with Bachelor degrees make $20K /year more than people with high school diplomas. So all the people out there who didn’t go to college or graduate college-you are paying $10K to someone who makes $20K/year more than you.”
Dr. Will says this is just another stunt Biden is pulling for votes rather than focusing on the economic danger his student loan forgiveness would inevitably cause.
Biden is also set to extend a pause on federal student loan payments through January.
Listen to the full interview with Dr. Matt Will and Tony Katz here: