The former chairman for President Obama's Council of Economic Advisors slammed the idea of federal student loan forgiveness as something that will 'hurt' almost everyone.
, former chairman of President Obama’s Council of Economic Advisors , issued his warning as President Biden weighs whether to extend the pause on repayments. The president is also considering taking executive action to cancel up to $10,000 in debt for many Americans. "Part of it would be paid for by the 87% of Americans who do not benefit but lose out from inflation. Part of it would be paid for by future spending cuts [and] tax increases— with uncertainty about who will bear those costs.
"When President Bush originally cut taxes [Brookings Institute’s Bill Gale] & [Lazard CEO Peter Orszag] developed analysis about the distribution of tax cuts when the financing was uncertain," he continued. "Greg Leiserson and I explained the logic in the context of the Trump tax cuts." "We’re at capacity now. Student loan relief would lead some people to spend more," Furman said of real resources. "We can’t make more so others would consume less. The way that happens is inflation."eventually taxes will rise or spending will be cut," the Harvard professor said of budget constraints. "Or some tax cut or spending increases that could have happened won’t. Either way a cost.
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