Many Think Student Loan Debt Forgiveness Will Make Inflation Worse

As the United States continues to wrestle with a serious inflation crisis, the Biden administration is coming under criticism. Pushback from critics ultimately boils down to the administration taking every conceivable action not to lower inflation.

For instance, Biden and Democratic lawmakers joined forces to pass a multi-billion-dollar spending package (dubbed the Inflation Reduction Act) that economists agree will not lower inflation.

At the same time, the administration continues to push for even more spending, while ignoring conservatives who repeatedly advocate for a reduction in federal expenditures.

On the heels of all this, the Biden administration appears set to make an announcement about student loan forgiveness, sooner rather than later. Nevertheless, polling shows most Americans are in agreement that absolving individuals of their student loan debt will make inflation worse.

The Poll That Says It All
A new survey by CNBC documents that 59% of people believe waiving student loan debt will make life harder for Americans being crushed by inflation. 30% of Americans also stated nobody should have their student loans waived.

Supporters of student loan debt forgiveness often claim that erasing these loans will empower people economically. Although if student loan debts are waived, the cost will simply be passed along to American taxpayers.

Right now, people are barely making it as is. Most folks, therefore, aren’t too keen to take on the debt that someone else incurred and agreed to pay back.

At this point, much of the country is expecting Biden to once again extend the existing moratorium on student loan payments. However, progressives are saying that Biden should go one step further and cancel up to $50,000 in loans per individual.

The president previously expressed support for waiving $10,000 per individual in student loan debt.

More Revelations From CNBC
CNBC’s latest poll on student loan debt forgiveness was also accompanied by various testimonials from Americans with these loans.

Several of them told the publication that being absolved of the money they owe wouldn’t change how they handle their finances. This, on its own, works against the left-wing narrative that often claims student loan debt relief will help people in need.

Nevertheless, Biden is expected to take action to waive at least some student loan debt, owing to the midterm elections coming soon.