Obama’s Lead Economist Just Betrayed Biden
It is common knowledge that Joe Biden’s economic ideas are not nearly as effective as they could be. The nation’s economy is in disarray as a direct result of his administration’s policies.
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Just the beginning of it has been inflation, followed by steadily increasing gas prices. President Biden is committed to doing more, including “forgiving” billions of dollars in student loans.
And now Joe is hearing discouraging information from one of Obama’s most trusted advisors. Are you suggesting that something that Biden might do could perhaps make the situation even direr? I don’t think it’s possible!
The chief economist for the Obama administration has harsh words for President Biden’s proposal to cancel nearly $10,000 in student loans for borrowers. Summers provided a fairly straightforward explanation of how this would be detrimental to working-class Americans and actually lead to higher tuition costs for students.
It is still our responsibility to pay for the government’s actions, whether they include printing new money or “forgiving” loans. It will ultimately result in a decline in the value of the dollar, which will lead to an increase in prices. If President Biden were to cancel even a small amount of student loans, it would make college tuition far more expensive. There is no way to avoid reaching rock bottom at some point.
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Those who are now enrolled in college as well as those who are planning to enroll soon will find out about it. Summers went on to say that it will also be detrimental to the folks who were never given the opportunity to attend college. It’s a very bleeding-heart liberal justification, but you can’t deny it even if you want to.
Children from privileged backgrounds who were given the opportunity to attend school are being “rewarded” by Biden. This runs counter to the arguments that many on the left care about working people and those from lower socioeconomic brackets.
This is welfare for families who are wealthy, middle-class, or upper-class. Families that do not require the forgiveness of student loans, provided that the borrowers are truly putting their degrees to use by obtaining solid jobs. But what Biden is doing now is nothing more than a last-ditch effort to win over members of the extreme left and save a few votes for the election in November.