{"id":1620532,"date":"2022-08-23T14:47:01","date_gmt":"2022-08-23T18:47:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1620532"},"modified":"2022-08-23T14:47:03","modified_gmt":"2022-08-23T18:47:03","slug":"clear-majority-of-americans-worried-about-more-inflation-as-biden-mulls-canceling-student-debt","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/clear-majority-of-americans-worried-about-more-inflation-as-biden-mulls-canceling-student-debt\/","title":{"rendered":"Clear Majority Of Americans Worried About More Inflation As Biden Mulls Canceling Student 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\">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%2Fclear-majority-of-americans-worried-about-more-inflation-as-biden-mulls-canceling-student-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=1620532&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--><p>A clear majority of Americans believe that a reported plan from President <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\">Joe Biden<\/a> to cancel thousands of dollars in <a href=\"https:\/\/www.dailywire.com\/topic\/student-loans\">student loans<\/a> per borrower would increase <a href=\"http:\/\/dailywire.com\/topic\/inflation\">inflationary<\/a> pressures.<\/p>\n<p>White House officials are weighing a move to cancel $10,000 of student debt per borrower earning under $125,000, according to a report from <a href=\"https:\/\/www.cnn.com\/2022\/08\/22\/politics\/student-loan-white-house\/index.html\">CNN<\/a>. The decision, which is slated to be made public on Wednesday, occurs as the White House also considers <a href=\"https:\/\/www.dailywire.com\/news\/nationwide-pause-on-student-loan-debt-set-to-expire-biden-officials-expected-to-update-borrowers-soon\">whether to extend<\/a> the present pause on federal student loan payments, which is currently poised to expire on August 31.<\/p>\n<p>However, 59% of Americans are concerned that student debt cancellation \u201cwill make inflation worse,\u201d according to a new survey from <a href=\"https:\/\/www.cnbc.com\/2022\/08\/22\/americans-are-concerned-student-loan-forgiveness-will-worsen-inflation.html\">CNBC<\/a>. While 30% said that no student debt cancellation should occur, only 19% of adults between 18 and 34 years old maintain such a position.<\/p>\n<p>The results reflect earlier polling that shows Americans are generally distrustful of the Biden administration\u2019s economic policies. In a <a href=\"https:\/\/www.cnn.com\/2022\/07\/18\/politics\/cnn-poll-joe-biden-economy-us\/index.html\">survey<\/a> conducted earlier this summer by CNN and SSRS, 68% of respondents disapproved of Biden\u2019s performance, while a slim 25% supported his efforts to combat inflation.<\/p>\n<p>Meanwhile, 34% of respondents to the CNBC poll believe that \u201conly those in need\u201d should have loans canceled \u2014 a slightly higher level of affirmative responses than the 32% who are in favor of student debt cancellation for all borrowers. Indeed, a report from the <a href=\"https:\/\/www.brookings.edu\/research\/student-loan-forgiveness-is-regressive-whether-measured-by-income-education-or-wealth\/\">Brookings Institution<\/a> explained that one-third of student debt is owed by the wealthiest 20% of households, while only 8% is owned by the bottom 20% \u2014 partly because graduate degrees are <a href=\"https:\/\/www.dailywire.com\/news\/schumer-slams-fat-cats-who-dont-want-to-cancel-student-loans\">often necessary<\/a> for the most lucrative professions.<\/p>\n<p>Senate Majority Leader Chuck Schumer (D-NY) \u2014 who <a href=\"https:\/\/www.dailywire.com\/news\/this-cpac-footage-is-nuts-progressives-blast-pelosi-for-saying-student-debt-forgiveness-is-a-bad-idea\">believes<\/a> that \u201call President Biden has to do is flick his pen\u201d to erase up to $50,000 in debt per borrower \u2014 also <a href=\"https:\/\/www.dailywire.com\/news\/schumer-slams-fat-cats-who-dont-want-to-cancel-student-loans\">rejects<\/a> the notion that student loan cancellation is not particularly helpful to lower-income Americans.<\/p>\n<p>\u201cLet\u2019s dispel one awful myth right here: This is not a problem that concerns the wealthy or the Ivy League,\u201d Schumer contended. \u201cAll of these fat cats, and people who never want to see help for working people and poor people come up with these myths.\u201d<\/p>\n<p>However, Lawrence Summers \u2014 who served as Treasury Secretary under President Bill Clinton and National Economic Council Director under President Barack Obama \u2014 <a href=\"https:\/\/www.dailywire.com\/news\/raises-demand-and-increases-inflation-obamas-top-economist-shreds-biden-plan-for-student-loan-cancellation\">argued<\/a> on Monday that funds for loan cancellation could be better allocated elsewhere.<\/p>\n<p>\u201cThe worst idea would be a continuation of the current moratorium that benefits among others highly paid surgeons, lawyers and investment bankers,\u201d Summers noted. \u201cIf 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.\u201d<\/p>\n<p>Summers concurred with respondents to the CNBC survey that student loan cancellation would raise the cost of college and contribute to overall inflation.<\/p>\n<p>\u201cEvery dollar spent on student loan relief is a dollar that could have gone to support those who don\u2019t get the opportunity to go to college,\u201d Summers explained. \u201cStudent loan debt relief is spending that raises demand and increases inflation. It consumes resources that could be better used helping those who did not, for whatever reason, have the chance to attend college. It will also tend to be inflationary by raising tuitions.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A clear majority of Americans believe that a reported plan from President Joe Biden to cancel thousands of dollars in student loans per borrower would increase inflationary pressures. White House officials are weighing a move to cancel $10,000 of student debt per borrower earning under $125,000, according to a report from CNN. The decision, which &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1528491,"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-1620532","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\/1620532","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1620532"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1620532\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1528491"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1620532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1620532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1620532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}