During an appearance on CNN’s “New Day” on Thursday, Sen. Elizabeth Warren (D-MA) again called for the cancellation of student loan debt, while also dismissing claims that doing so will feed inflation.
While reaffirming her support for President Biden to cancel up to $50,000 worth of loans, co-host John Berman noted the concerns of many that this policy could worsen inflation. Warren pushed back on such claims that debt forgiveness would be an issue.
“So, keep in mind that even conservative economists say, ‘no, maybe, maybe it could be about .2 of 1 percent effect on inflation.’ There is just no evidence that canceling student loan debt contributes to inflation,” Warren said.
She continued, “But here’s what it does. It relieves the burden of payment for a lot of working families. Keep in mind, that only 58 percent of the people who have student loan debt actually have a college diploma. That remaining 42 percent tried and God bless them, but pregnancy, they were trying to work three jobs and couldn’t hold it altogether, they now earn like a high school graduate earns, but they are trying to manage student loan debt and it is crushing them.”
“Canceling $50,000 of student loan debt would be a huge relief for tens of millions of working people,” she added.
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