{"id":1474341,"date":"2022-05-13T12:29:43","date_gmt":"2022-05-13T16:29:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1474341"},"modified":"2022-05-13T12:29:46","modified_gmt":"2022-05-13T16:29:46","slug":"experts-warn-of-enormous-consequences-of-bidens-plan-to-cancel-student-loan-debt","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/experts-warn-of-enormous-consequences-of-bidens-plan-to-cancel-student-loan-debt\/","title":{"rendered":"Experts Warn of \u201cEnormous Consequences\u201d of Biden\u2019s Plan to Cancel Student Loan Debt"},"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\">26<\/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%2Fexperts-warn-of-enormous-consequences-of-bidens-plan-to-cancel-student-loan-debt%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=1474341&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 id=\"speechkit-wrapper\" class=\"speechkit-wrapper\">\n<p><span class=\"label-bg\">NEW<\/span>You can now listen to Fox News articles!\n  <\/p>\n<\/div>\n<p class=\"speakable\">President <a href=\"https:\/\/www.foxnews.com\/category\/person\/joe-biden\" target=\"_blank\" rel=\"noopener\">Joe Biden\u2019s<\/a> plan to cancel student loan debt could lead to higher inflation and perceived inequality, several experts warned.\u00a0<\/p>\n<p class=\"speakable\">Biden said in a press conference late last month he is considering canceling &#8220;some&#8221; <a href=\"https:\/\/www.foxnews.com\/category\/us\/education\" target=\"_blank\" rel=\"noopener\">student loan debt<\/a>.\u00a0<\/p>\n<p>&#8220;I am not considering $50,000 debt reduction, but I am in the process of taking a hard look at whether or not there will be additional debt forgiveness,&#8221; Biden said.\u00a0<\/p>\n<p>Former Congressional Budget Office Director Douglas Holtz-Eaken said canceling student loan debt would do nothing to slow rising inflation in the United States.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/media\/lawmakers-biden-cancel-student-loan-debt-crazy-idea\" target=\"_blank\" rel=\"noopener\"><strong>LAWMAKERS SOUND THE ALARM ON BIDEN&#8217;S PLAN TO CANCEL STUDENT LOAN DEBT: \u2018CRAZY IDEA\u2019<\/strong><\/a><\/p>\n<p>&#8220;That\u2019ll produce the most inflation,&#8221; Holtz-Eaken told Fox News Digital. &#8220;If you forgive some of the debt, that\u2019ll create a little more inflation. The least inflationary thing to do is to have people actually go back to paying their bills. That would take care of it.&#8221;\u00a0<\/p>\n<p>Economist Nicholas Eberstadt told Fox News Digital at the Milken Institute 2022 Global Conference that a &#8220;magical, universal debt relief&#8221; would actually harm those it is intended to help.\u00a0<\/p>\n<p>&#8220;We know already that would be a tremendously regressive transfer towards the well-off,&#8221; he said.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/media\/author-americans-biden-student-loan-forgiveness-jealousy\" target=\"_blank\" rel=\"noopener\"><strong>LIBERAL AUTHOR LECTURES \u2018SELFISH\u2019 AMERICANS WHO OPPOSE BIDEN&#8217;S STUDENT LOAN FORGIVENESS: \u2018A DARK JEALOUSY\u2019<\/strong><\/a><\/p>\n<p>Eberstadt noted there are provisions within current student loans for those in financial distress, but the broad idea of &#8220;waving a magic wand\u2026 would have enormous unintended consequences.&#8221;\u00a0<\/p>\n<p>Current director of the Congressional Budget Office Phillip Swagel conceded the current pause in student loan repayments has provided financial benefits for millions of people, but it has also &#8220;created uncertainty.&#8221;\u00a0<\/p>\n<p>&#8220;Will these payments resume? As the job market rebounded, there\u2019s millions of people who have gained jobs, and yet are still not paying their loans,&#8221; he said.\u00a0<\/p>\n<p>This action has created a gulf between those who paid their student loans, those who did not take out student loans for college, and those who did not go to college, Swagel said. \u00a0<\/p>\n<p>&#8220;These sort of apparent horizontal inequities is probably an unintended consequence,&#8221; he added. &#8220;Different people are being treated differently in ways that might be difficult to explain.&#8221;\u00a0<\/p>\n<div class=\"image-ct inline\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 767px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxnews.com\/foxnews.com\/content\/uploads\/2021\/04\/640\/320\/schumer.jpg?ve=1&#038;tl=1\" alt=\"Senate Majority Leader Chuck Schumer (D-NY) speaks during a press conference about student debt outside the U.S. Capitol on February 4, 2021 in Washington, DC.\u00a0\" \/><\/div>\n<div class=\"caption\">\n<p>\n      Senate Majority Leader Chuck Schumer (D-NY) speaks during a press conference about student debt outside the U.S. Capitol on February 4, 2021 in Washington, DC.\u00a0<br \/>\n      <span class=\"copyright\">(Photo by Drew Angerer\/Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.foxnews.com\/apps-products\" target=\"_blank\" rel=\"noopener\"><strong><u>CLICK HERE TO GET THE FOX NEWS APP<\/u><\/strong><\/a><\/p>\n<p>During his presidential campaign, Biden supported erasing $10,000 in student debt for most borrowers, but has raised questions about his legal authority to do so via executive order. During a press briefing last week, press secretary Jen Psaki said an income cap for student loan forgiveness was under consideration.\u00a0<\/p>\n<p>Biden has extended the freeze on student loan payments through Aug. 31, citing the COVID-19 pandemic<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEWYou can now listen to Fox News articles! President Joe Biden\u2019s plan to cancel student loan debt could lead to higher inflation and perceived inequality, several experts warned.\u00a0Biden said in<\/p>\n","protected":false},"author":489,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1474341","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\/1474341","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\/489"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1474341"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1474341\/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=1474341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1474341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1474341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}