'The critics are wrong—canceling student debt will actually help ease inflation and benefit working-class borrowers.'
There are other features of the plan that will help alleviate the debt burden — such as a percent cap on payments of loans in relation to monthly incomes — but those are the headline numbers.
Let’s roll through the arguments for and against relief. This is an intra-Democratic Party debate as much as a partisan one. You can guess where the Republican Party is on this — wholeheartedly opposed to the idea of debt cancellation. No ambiguity there. But in the case of Democrats, we have serious people on both sides. The criticisms don’t hold water, and the policy should be welcome.
"The inflation impact of greater amounts of relief is typically exaggerated. A lot more would not be bad." Nothing substantial is likely happening in Congress for the remainder of this year, meaning that further major policy change depends on executive action by the White House. The legal boundaries for President Biden’s scope of action have been in dispute, so the new debt relief plan could get tangled up in legal challenges.of relief, disappointing those who wanted more. Calls for higher levels are daunting for an administration that is spooked by the ongoing inflation spike.
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