In an interview with MarketWatch, the economist discussed his concerns with the Biden Administration's student debt relief plan
President Joe Biden’s student debt relief plan could fuel inflation and benefit the well-off, Jason Furman, a former economic advisor in the Obama White House, said in an interview with MarketWatch on Saturday.
“The Hippocratic Oath is do no harm,” Furman said at the Jackson Hole Economic Symposium. “It’s hard to argue that whatever number of hundreds of millions of dollars here isn’t doing harm to the central project we have as a country, which is dealing with inflation.” See also: Watchdogs see Biden’s student-loan plan costing $500 billion to $1 trillion, while White House says $1 trillion isn’t ‘anywhere in the ballpark’
In the interview, Furman reiterated concerns other than inflation he has with the plan, including that it could benefit borrowers with high incomes. “If income limits had been half as high, it hadn’t applied to professional schools, I would have been half as concerned as I was.” “If there was a legislative policy that fixed student loans going forward and included targeted debt relief, I would be very supportive of that,” Furman said. “Absent any reforms to make sure we’re not back in the same place five years from now I think my preference would be no relief at all.”
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden administration to spend $99 million on navigator grants to bolster Obamacare outreachBuilding on the record number of Americans who signed up for Obamacare health insurance this year, the Biden administration said it will spend nearly $99 million to bolster outreach to consumers seeking coverage.
Read more »
Biden administration will 'look into' and 'crack down' on colleges raising tuition after student loan handoutWhite House Press Secretary Karine Jean-Pierre said the Department of Education would 'look into' and 'crack down' on colleges who use the student loan handout to raise tuition.
Read more »
Biden Administration finalizes rule to preserve DACAThe Department of Homeland Security is issuing a finalized ruling, which would allow DACA recipients to renew applications.
Read more »
Biden administration presses governors on emergency abortion accessThe Biden administration will take additional steps on Friday reasserting health guidance requiring medical facilities to provide emergency abortions to women regardless of state bans on the procedures.
Read more »
Biden administration to declare 'forever chemicals' hazardous substancesThe Biden administration said on Friday it will propose designating certain 'forever chemicals' as hazardous substances under the nation's Superfund program, in a bid to spark cleanup of countless sites that have been found contaminated by the toxic industrial compounds.
Read more »
Absent major student loan reforms, ‘my preference would be no relief at all’: Obama economic advisor, Jason Furman saysIn an interview with MarketWatch, the economist discussed his concerns with the Biden Administration's student debt relief plan
Read more »