Biden Announces ‘$10,000’ Student Debt Relief For Americans
Written by City Radio on August 25, 2022
President Joe Biden on Wednesday announced that most Americans trying to pay off university loans will get $10,000 forgiven in a bid to address the decades-old headache of massive educational debt across the country.
In a speech from the White House later, Biden called the assistance “a game changer.”
The proposed debt relief falls far short of some Democrats’ goal of securing complete forgiveness, but is opposed by Republicans who argue that shaving any amount from loans is unfair to those who have already spent years saving to pay off their own debts.
There was also immediate debate over whether effectively giving millions of people a cash injection will stoke already rampant inflation.
Jason Furman, formerly the chief economic advisor in Barack Obama’s White House, tweeted that “pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless.”
Biden acknowledged he was “not going to make everybody happy” but defended the move as “economically responsible” and said studies showed there’d be no “meaningful effect on inflation.”
Biden had promised student debt relief when he was running for the presidency.