Growing student loan cancelation backlash

Prominent liberal economists Larry Summers and Jason Furman are blasting Joe Biden’s student loan debt cancelation because it will make inflation worse.

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.”

Summers:“Every dollar spent on student loan relief is a dollar that could have gone to support those who don’t get the opportunity to go to college. … Student loan debt relief is spending that raises demand and increases inflation. … It will also tend to be inflationary by raising tuitions.”

One group that is quiet on the proposal: vulnerable Democrats.

Fox reached out to 20 vulnerable House Democrats and very few were willing to publicly comment on this policy that will cost taxpayers over $300 billion.

NRCC Comment: “Democrats know robbing middle-class taxpayers to give a bailout to Harvard Law graduates is an indefensible policy.” – NRCC Spokesman Mike Berg