{"id":1619031,"date":"2022-08-22T13:27:23","date_gmt":"2022-08-22T17:27:23","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1619031"},"modified":"2022-08-22T13:27:37","modified_gmt":"2022-08-22T17:27:37","slug":"americans-think-student-loan-forgiveness-will-make-inflation-worse-poll","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/americans-think-student-loan-forgiveness-will-make-inflation-worse-poll\/","title":{"rendered":"Americans Think Student Loan Forgiveness Will Make Inflation Worse: POLL"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/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%2Famericans-think-student-loan-forgiveness-will-make-inflation-worse-poll%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=1619031&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:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/GettyImages-1415247052-e1660751752178-scaled.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>As the Biden administration is expected to reveal whether it intends to extend the moratorium on student loan payments or forgive student loan payments entirely, a new poll by CNBC\/Momentive shows that 59% of Americans believe that student loan forgiveness would make inflation worse.<\/p>\n<div data-fullscreen-image=\"\">\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">If relief is to be given it should not set any precedent, it should only be given for the first few thousand dollars of debt, and for those with genuinely middle class incomes.<\/p>\n<p>\u2014 Lawrence H. Summers (@LHSummers) <a href=\"https:\/\/twitter.com\/LHSummers\/status\/1561701546580221952?ref_src=twsrc%5Etfw\">August 22, 2022<\/a> <\/p>\n<\/blockquote>\n<p>Cancellation of all student loans would increase inflation by 0.1 to 0.5 percentage points, incentivize higher tuition prices and make it more difficult to reach inflationary goals, as would a continued moratorium on student loan payments, the Committee for a Responsible Federal Budget <a href=\"https:\/\/www.crfb.org\/blogs\/cancelling-student-debt-would-add-inflation#_edn1\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a> in February. Total student loan forgiveness would disproportionately fund the wealthy, who typically have larger loans and higher-paying careers, <a href=\"https:\/\/bfi.uchicago.edu\/wp-content\/uploads\/2020\/12\/BFI_RB_Yannelis_120620-1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to a study by the Becker Friedman Institute at the University of Chicago.<\/p>\n<p>\u201cHouseholds in the top 30 percent of the earnings distribution receive almost half of all dollars forgiven,\u201d in a universal forgiveness scheme, the University of Chicago study states. \u201cThese patterns hold under cap policies, with higher-income households benefiting from more loan forgiveness.\u201d<\/p>\n<p>The authors argue instead for a transition to more friendly \u201cincome driven repayment,\u201d or IDR, plans, which have individuals make payments based on their income until a certain amount of time, typically 20 to 25 years, has passed, at which point the remaining balance is forgiven. In one example plan devised by the authors, the bottom half of earners would receive three-fifths of the loan forgiven, while borrowers in the top 30% would receive only one-fifth.<\/p>\n<p>As of March 2021, around 45% of federal student loan debt, estimated at $1.6 trillion, was held by the top 10% of borrowers owing $80,000 or more, <a href=\"https:\/\/research.collegeboard.org\/media\/pdf\/trends-college-pricing-student-aid-2021.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to a 2021 report by College Board. At the same time, 54% of borrowers owed $20,000 or less, with the average debt of a loan recipient being $28,400 upon receiving a bachelor\u2019s degree, according to College Board.<\/p>\n<p>The Biden administration has so far not signaled any support for more than $10,000 in forgiveness per borrower, despite pressure from some Democrats to raise this number to $50,000, <a href=\"https:\/\/thehill.com\/homenews\/sunday-talk-shows\/3609607-cardona-says-biden-administration-will-announce-decision-on-student-loan-payments-in-the-next-week\/\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to The Hill.<\/p>\n<p>In the event of loan forgiveness, 53% of debt holders say they would pay off other loans, with 45% saying they would save for retirement, according to the CNBC poll.<\/p>\n<\/p><\/div>\n<p>The CNBC poll sampled 5,142 adults nationally, from Aug. 4 to 15. No margin of error was given.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the Biden administration is expected to reveal whether it intends to extend the moratorium on student loan payments or forgive student loan payments entirely, a new poll by CNBC\/Momentive<\/p>\n","protected":false},"author":1181,"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-1619031","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\/1619031","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\/1181"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1619031"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1619031\/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=1619031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1619031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1619031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}