On 8/26/2022, President Joe Biden spoke to reporters as he departed the White House for another vacation in Delaware. He claimed his student loan debt bailout “is not gonna cause inflation,” during his departure from the White House.
Is it true that the more money the federal government pumps into financial aid, the more money the colleges charge for tuition? On 8/26/2022, a reporter asked this question, White House Press Secretary Karine Jean-Pierre said that Sec Miguel Cardona will “Be Monitoring” role of Student Loans in tuition hikes.
Former President Barack Obama economist Jason Furman said in regard to President Joe Biden’s student debt debacle that the unfairness is “felt really strongly,” during a segment on CNBC’s “Squawk Box” with Joe Kernen, Becky Quick, and Andrew Ross Sorkin he also said the student debt bailout is a “bad idea.”
Back in April, Nancy Pelosi admitted Biden didn’t have the power to bail out student loan debt. She said, “People think that the President of the United States has the power for debt forgiveness, he does not. He can postpone, he can delay but he does not have that power. That is to be an act of Congress.” Yet, Pelosi is now praising Biden’s decision to cancel student loan debt, “bold action is a strong step in Democrats’ fight to expand access to higher education.
On 8/26/2022, President Joe Biden said, “if Republicans cared about lowering inflation,” they’d have voted for the Inflation Reduction Act, during a Democratic National Committee rally in Montgomery County, Maryland. He also downplayed the worst inflation crisis in four decades.
On 8/25/2022, White House Press Secretary Karine Jean-Pierre said , “And we also know — this last piece here — is that independent experts, like Goldman Sachs, agree that the President’s plan will not have — will not have any meaningful impact on inflation. In fact, Goldman Sachs and others estimate that it will reduce inflation.”
Q: Thanks, Karine. Will the — will the administration — will the administration eventually release a cost estimate on the student loan forgiveness plan? In other words —
MS. JEAN-PIERRE: Yeah.
Q: — you don’t have one yet.
MS. JEAN-PIERRE: Yeah. Yeah.
Q: — but moving down the road, will —
MS. JEAN-PIERRE: Yeah, I mean, that — that is something that the Department of Education is going to lead, because this is something that — that — this is an action that clearly was taken by the Department of Education.
I don’t have any more to speak on to that. Just kind of relay back to what — what the Ambassador said yesterday.
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Biden: loan bailout not cause inflation, GOPs not care inflation; Pelosi: Biden no power to bail out loan.