{"id":1421634,"date":"2022-04-06T10:59:43","date_gmt":"2022-04-06T14:59:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1421634"},"modified":"2022-04-06T10:59:44","modified_gmt":"2022-04-06T14:59:44","slug":"obamas-former-economic-adviser-condemns-bidens-very-hard-to-understand-student-debt-repayment-pause","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/obamas-former-economic-adviser-condemns-bidens-very-hard-to-understand-student-debt-repayment-pause\/","title":{"rendered":"Obama\u2019s Former Economic Adviser Condemns Biden\u2019s \u2018Very Hard To Understand\u2019 Student Debt Repayment Pause"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fobamas-former-economic-adviser-condemns-bidens-very-hard-to-understand-student-debt-repayment-pause%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1421634&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/04\/Joe-Biden-1.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p><span>A former Obama economic adviser denounced President Joe Biden\u2019s \u201cvery hard to understand\u201d student debt repayment pause.<\/span><\/p>\n<p><span>On Wednesday, the Biden administration <\/span><a href=\"https:\/\/www.cbsnews.com\/news\/student-loan-repayment-pause-deadline-extend-august-31\/\"><span>extended<\/span><\/a><span> the federal student loan payment pause \u2014 moving the return of student debt repayment from May 1 to August 31. Biden has delayed the return of repayment several times \u2014 most recently in December 2021. In a statement, Biden claimed that the extension would \u201cenable Americans to continue to get back on their feet after two of the hardest years this nation has ever faced.\u201d<\/span><\/p>\n<p><span>In response, Lawrence Summers \u2014 who worked as Treasury Secretary under the Clinton administration and National Economic Council director under the Obama administration \u2014 said that any low inflationary impact would hinge upon the bill remaining at its current cost level.<\/span><\/p>\n<p><span>\u201cThe Administration\u2019s postponement yet again of student debt payments is very hard to understand on policy terms,\u201d Summers said on Twitter. \u201cWherever one stands on student debt relief this approach is regressive, uncertainty creating, untargeted and inappropriate at a time when the economy is overheated.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The Administration\u2019s postponement yet again of student debt payments is very hard to understand on policy terms. Wherever one stands on student debt relief this approach is regressive, uncertainty creating, untargeted and inappropriate at a time when the economy is overheated.<\/p>\n<p>\u2014 Lawrence H. Summers (@LHSummers) <a href=\"https:\/\/twitter.com\/LHSummers\/status\/1511424479611826179?ref_src=twsrc%5Etfw\">April 5, 2022<\/a><\/p>\n<\/blockquote>\n<p><span>\u201cThis is not a small macroeconomic thing,\u201d he continued. \u201cAt a time when the economy is overheating\u2026 student debt action will be injecting money into the economy at a 100billion a year annual rate. This is a macroeconomic step in the wrong direction.\u201d<\/span><\/p>\n<p><span>In the past, Biden has faced pressure from top progressive lobbies \u2014 including the ACLU, the American Federation of Teachers, and the NAACP \u2014 to lengthen the pause on federal student loan repayments. In December, 200 such groups <\/span><a href=\"https:\/\/www.dailywire.com\/news\/teachers-unions-aclu-want-biden-to-extend-student-loan-repayment-pause-cancel-student-debt\"><span>called<\/span><\/a><span> on Biden to extend the pause and cancel student debt altogether.<\/span><\/p>\n<p><span>\u201cIn fewer than 60 days, tens of millions of student loan borrowers are slated to be thrown back into repayment on federal student loans they are ill-equipped to pay as the deadly COVID-19 pandemic continues to devastate Americans\u2019 health and financial security,\u201d the organizations told Biden. \u201cIt is clear that payments should not resume until your administration has fully delivered on the promises you made to student loan borrowers to fix the broken student loan system and cancel federal student debt.\u201d<\/span><\/p>\n<p><span>The groups invoked Biden\u2019s own campaign platform in their argument.\u00a0<\/span><\/p>\n<p><span>\u201cYou ran for president on the promise that you would reform the student loan system to ensure that student loan payments would be affordable for all. Your administration\u2019s decision to extend the payment pause\u2026 are critical and welcome first steps,\u201d they argued. \u201cRight now, your administration has the opportunity to continue repairing the damage caused by policy failures at the federal and state level and decades of government mismanagement and industry abuses \u2014 an opportunity and an obligation that must be fulfilled before any action is taken to resume monthly student loan payments.\u201d<\/span><\/p>\n<p><span>Last year, Daily Wire commentator Matt Walsh <\/span><a href=\"https:\/\/twitter.com\/MattWalshBlog\/status\/1467640198557315079\"><span>noted<\/span><\/a><span> that student debt forgiveness \u2014 an argument often forwarded by progressive lawmakers \u2014 is no more than \u201cwelfare\u201d for the affluent.<\/span><\/p>\n<p><span>\u201cHalf of all student debt is held by people with graduate degrees,\u201d he noted. \u201cThe idea that this is some kind of persecuted class of people who deserve tax funded debt forgiveness is absurd.\u201d<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies for breaking news, investigative reporting, sports, podcasts, in-depth analysis, books, and entertainment for a reason: because we believe in what we do. We believe in our country, in the value of truth and the freedom to speak it, and in the right to challenge tyranny wherever we see it. Believe the same? <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>Become a member now and join our mission.<\/span><\/i><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A former Obama economic adviser denounced President Joe Biden\u2019s \u201cvery hard to understand\u201d student debt repayment pause.On Wednesday, the Biden administration extended the federal student loan payment pause \u2014 moving<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1421634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1421634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1421634"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1421634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1421634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1421634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1421634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}