It is like burning half a trillion #dollars.. An economist comments on a decision made by #Biden recently

Former Chairman of the Council of American Economic Advisers Jason Furman said President Joe Biden's decision to resume student loan payments will have an impact on rising inflation in the country.

    It is like burning half a trillion dollars.. An economist comments on a decision made by Biden recently


He wrote on Twitter: "Pushing nearly half a trillion dollars of gasoline into a smoldering inflation conflagration is reckless. We are facing painful consequences, including higher future tuition fees, more loans, and false hopes for debt relief. And so much more.”

Foreman responded to Senator Elizabeth Warren, who believes that the Biden initiative "will make life easier for tens of millions of Americans," stressing that financial assistance from the state will create a stimulus for development for young people, but the economy will not feel a strong impact.

"Everyone else will pay for it either with higher inflation, higher taxes, or lower aid in the future," he said. "It doesn't seem to me reasonable that the president would have done such a thing without consulting anyone."

Earlier, Biden announced the resumption of student loan payments from January 2023, a set of exemptions for loan holders, and the suspension of loan payments that many Americans have to bear to pay for higher education costs during the Corona pandemic.

Source: RIA Novosti