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Why is there such a backlash against such a (previously) very popular policy? Biden did, in fact, run for president on the promise of such debt relief. The elephant in the room is... inflation!
The US and the rest of the world have been dealing with the worst inflation in something like 40 years, and a lot of people see this move as being inflationary.
Leading economists like Paul Krugman weighed in on the inflationary impact of this move.
"The argument 'but it will be inflationary' seems so obviously wrong, so inconsistent with the math, that, as I said, it's baffling," Krugman wrote. "Maybe people who oppose this move on other grounds are just going for the cheap shot?"
"Using the authority Congress granted the Department of Education, we will forgive $10,000 in outstanding federal student loans. In addition, students who come from low income families, which allowed them to qualify to receive a Pell Grant, will have their debt reduced to $20,000.
Both of these targeted actions are for families who need it the most, working and middle class people hit especially hard during the pandemic making under $125,000 a year. You make more than that, you don't qualify.
No high income individual or high income household on top of the 5% in the top 5% of incomes, by the way, will benefit from this action, period. In fact, about 90% of the eligible beneficiaries make under $75,000 a family."
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